A New Investor Leads Round To Support Product Extensions and Marketing Initiatives
NEW YORK–(BUSINESS WIRE)–March 8, 2017–
Hubble, America’s first direct-to-consumer contact lens brand, announced today the close of a $16.5MM Series A investment round. The raise was led by FirstMark Capital, with participation from existing investors including Greycroft Partners, Wildcat Capital Management (the family office of TPG Capital Founder, David Bonderman) and Two River.
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After launching in late 2016, Hubble has grown at a rapid rate, acquiring thousands of new customers each week and an extensive network of hundreds of partner doctors, in less than 3 months. The Series A round brings Hubble’s total financing to $23.7MM, allowing the company to invest more in marketing and advertising initiatives, and to purchase additional inventory to accommodate their growing customer base; proving the success of the direct-to-consumer subscription model.
Hubble recently extended their lens powers to a range of -0.50 through -12.00 to help even more contact lens wearers see clearly, but the one segment of contact lens wearers who have been unable to take advantage of Hubble’s affordable subscription service, are those with astigmatism. Hubble’s Series A raise will allow the company to purchase a substantial inventory of toric lenses to support customers with astigmatism and roll out new product extensions, including eye drops.
Hubble is dedicated to making it affordable and convenient to purchase high-quality contact lenses for a fair price. There are more than 40 million contact lens wearers in the Unites States, and most retailers sell lenses at a 15-100x mark-up from manufacturing costs. By cutting out the intermediaries, Hubble is able to sell its own brand of contacts directly to consumers using a subscription model. In turn, Hubble’s contact lenses generally cost less than half the price of competitors.
Founded in 2016, Hubble is America’s first direct-to-consumer contact lens brand, dedicated to making it affordable and convenient to purchase high-quality contact lenses for a fair price. Through a subscription service, Hubble is able to offer consumers affordable, high-quality, FDA-approved contact lenses with minimal hassle and maximum convenience.
Hubble’s contact lenses are available at www.hubblecontacts.com for $30/month for a monthly subscription. Every new customer gets their first two weeks of lenses free (+$3 S/H), and can cancel anytime, including during the free period.
David Shulman, 646-374-0842