ReadeREST Shark Tank Net Worth: Rick Hopper, a creative business owner who was continually losing and breaking his reading glasses, came up with the idea for Readerest, a magnetic holder for glasses. In 2012, he pitched his idea on the popular TV show Shark Tank. The queen of QVC, Lori Greiner, gave him a deal.
Since then, Readerest has grown into a successful business that has sold millions of units and added new styles and accessories to its product line. Readerest is also in the news because of its latest product, a smart eyewear holder that can track your glasses and let you know when they are out of range. This product is set to come out in late 2023, and eyewear users are already very excited about it.
Brief Information About ReadeREST
| Topic | Details |
|---|---|
| Company Name | ReadeREST |
| Product | Magnetic eyeglass holder |
| Founder | Rick Hopper |
| Pitched on Shark Tank | March 9, 2012 (Season 3, Episode 6) |
| Shark Tank Deal | Lori Greiner offered $150,000 for 65% of the business, which Rick Hopper accepted |
| Net Worth | As of 2023, estimated to be about $2.5 million |
| Rise to Fame | Rick Hopper’s appearance on Shark Tank and Lori Greiner’s support helped boost sales |
| Source of Income | Sales through various retail stores (e.g., Wal-Mart, Bed Bath & Beyond, Ace Hardware) and online |
| Latest News | ReadeREST continues to sell its products online and in stores, with plans for a new smart eyewear holder |
| Celebrity Endorsements | Supported by celebrities like Oprah Winfrey, Dr. Oz, Kelly Ripa, and Ryan Seacrest |
What is Readerest?
ReadeREST is an American company best known for its magnetic eyeglass holder also called ReadeREST (pronounced Reader Rest).
After founder Rick Hopper turned 40, he started to use readers and often lost, scratched or dropped his glasses. In 2010, Hopper made prototypes out of paperclips and magnets to solve the problem of how to keep his glasses safe and secure. It didn’t take long for people to become interested.
ReadeREST Shark Tank Net Worth
ReadeREST is a company that makes magnetic eyeglass clips that can be worn on clothing. Founder Rick Hopper first presented his business plan on the 2012 season of the hit television show Shark Tank.
He asked for $150,000 in exchange for 15% of his business, but Lori Greiner made him an offer of the same amount for 65% of his business, which he took. Since then, ReadeREST has grown a lot and done very well in terms of sales.
- ReadeREST Shark Tank Net Worth
Some sources say that as of 2023, the company is worth about $2.5 million. ReadeREST’s clips also come in different styles and colors, and some of them have Swarovski crystals and pearls. ReadeREST is one of Shark Tank’s most successful stories, and it shows how a smart investor can turn a simple idea into a profitable business.
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ReadeREST Shark Tank Rise to fame
Rick Hopper started ReadeREST. He had the idea that a paperclip and a few magnets could be used to make a useful glasses holder. He first sold his product at trade shows and online, but in 2012, when he appeared on the popular TV show Shark Tank, that was his big break. Lori Greiner made a deal with him.
She gave him $150,000 for 65% of his business. She helped him sell his product on QVC and in other stores, and as a result, his sales went through the roof. ReadeREST was one of the most successful things to come out of Shark Tank, and both customers and celebrities liked it.
ReadeREST Source of Income
ReadeREST makes money by selling its products in stores like Wal-Mart, Bed, Bath & Beyond, and Ace Hardware24, as well as online. The company also sells clips in different styles and designs, some of which have Swarovski crystals and pearls. The company also makes clips that can be used with reading glasses.
ReadeREST Appearance on Shark Tank
ReadeREST was on Shark Tank on March 9, 2012, in Episode 6 of Season 3. Rick Hopper told the sharks about his product and asked for $150,000 for 15% of his company. He showed how his product works by putting his glasses on it and putting it on his shirt.
- ReadeREST Appearance on Shark Tank
He also showed how it can hold other things, like ID badges and earbuds. He said that he sold $65,000 worth of his product in test markets before he ran out. He also said that his product was protected by a patent and a trademark.
ReadeREST Pitch for Shark Tank
The sharks were interested in Rick’s product, but they were worried about how much it was worth, how big the market was, and how much competition there was. Mark Cuban, Daymond John, and Kevin O’Leary dropped out because they didn’t want to invest.
Robert Herjavec liked the product, but he thought it was too specific, so he quit as well. Lori Greiner was the only shark who thought the product had potential and made a bid.
She offered Rick $150,000 for 65% of his company and said that with her QVC connections and business skills, she could make him a millionaire. She also told him she would help him make and sell his product. Rick agreed with her and took her up on her offer.
What Happened to ReadeREST After the Shark Tank?
Rick was able to find a company to make his product after he made a deal with Lori. He no longer had to make them by hand in his garage. A few weeks later, he was shown behind the scenes of Lori’s QVC show in an update segment on Shark Tank. Lori sold out of his product in just five minutes after he talked about it on live TV.
She also helped him get his product into big stores all over the country. Since then, ReadeREST has grown a lot and done very well in terms of sales. Lori’s website says that since the episode aired, the brand has made more than $37 million in sales. Rick has also added reading glasses and different styles and colors of clips to his line of products.
Customers have given ReadeREST good reviews because they like how easy it is to use and how well it works. Celebrities like Oprah Winfrey, Dr. Oz, Kelly Ripa, Ryan Seacrest, and others have also supported it.
The Latest News on ReadeREST
As of 2023, ReadeREST is still in business. It still sells its products online and in stores. Customers can order the company’s products directly from its website or find a store near them that sells them. On the website, there are also comments from happy customers, videos that show how to use the product, answers to frequently asked questions, and ways to get in touch.
The company also has a Facebook page where it posts news, promotions, tips, and pictures of its products. The company also has an Instagram account where it posts photos of people using its products.
Conclusion
Rick Hopper, a creative business owner, invented Readerest, a magnetic eyeglass holder made from paperclips and magnets. He pitched the idea on Shark Tank in 2012, and Lori Greiner, the queen of QVC, offered him $150,000 for 65% of the business. As of 2023, the company is estimated to be worth about $2.5 million.
ReadeREST sells its products in various retail stores and online, with plans for a new smart eyewear holder in late 2023. The company has received support from celebrities like Oprah Winfrey, Dr. Oz, Kelly Ripa, and Ryan Seacrest. As of 2023, ReadeREST continues to sell its products online and in stores, with plans for a new smart eyewear holder.