According to a report by Global Market Insights, the global eyewear market is forecast to grow to $180 billion by 2024. While the industry remains predominantly a brick and mortar one, in the US, online stores were valued at $48 billion in 2016. Online eyewear retailer Warby Parker is among the leading online eyewear players which is rumored to be eyeing a public listing.

Warby Parker’s Offerings

Dave Gilboa, Neil Blumenthal, Jeff Raider, and Andy Hunt founded Warby Parker in 2010 to sell affordable prescription eyeglasses and sunglasses. Besides selling the affordable brands, Warby Parker has also expanded into designer eyeglasses online. It is difficult to buy glasses online as one may not understand how the glasses look on their face. To help solve the dilemma, Warby Parker offers the Home Try-On service whereby customers can test up to five frames at home free of charge. Unlike other players that moved from brick and mortar presence to online, Warby Parker has followed the opposite path. After establishing presence in the digital world, Warby Parker now has more than 50 stores spread across the US and Canada.

Warby Parker’s success lies in its ability to offer discounted glasses to its users. It is able to do so by designing the glasses in-house and avoiding licensing fees. Additionally, it saves costs by working directly with suppliers and by shipping products directly to consumers with valid prescriptions.

Warby Parker’s Financials

Warby Parker is privately held and does not disclose its detailed financials. Analysts estimate that it was operating at an annual revenue run rate of $250 million last year.

Warby Parker has been venture funded with $215.5 million in funding from investors including American Express, Spark Capital, BoxGroup, Brand Foundry Ventures, First Round Capital, General Catalyst Partners, Lerer Hippeau Ventures, Menlo Ventures, Microsoft, Red Swan Ventures, SV Angel, Thrive Capital, Tiger Global Management, T. Rowe Price (New Horizon Fund), and Wellington Management. Its last round of funding was held in April 2015 when it raised $100 million at a valuation of $1.2 billion.