LA companies like FIGS and Jaanuu revolutionized the medical apparel industry by bringing style and fashion to a market that was overlooked and customers were looking for an alternative to sterile looks. This LA startup is looking to do the same for the protective eyewear market. Stoggles is a direct-to-consumer eyewear brand that brings design and style to safety goggles. Born out of the pandemic to bring PPE to healthcare practitioners and consumers alike, the company offers a line of prescription lens-friendly options in several styles and colors that all block out blue light, wind, dust, pollen, sand, UV rays, and more. Stoggles, presently, distributes exclusively through its website with pairs starting at $39. The company ran two successful campaigns on Indigogo to launch the brand and initial production, raising over $4M.
LA TechWatch caught up with Stoggles Cofounders Max Greenberg (CEO) and Rahul Khatri (CXO) to learn more about the inspiration for the business, the company’s strategic plans, latest round of funding, and much, much more…
Who were your investors and how much did you raise?
We have raised $40M in a growth round, led by The Chernin Group.
Tell us about your product or service.
Stoggles is a stylish protective eyewear brand. It was initially conceptualized as a product in response to COVID-19 to stop people from touching their eyes and spreading germs. We, then, of course, saw a gap in the market within healthcare and that there was no other option within the industry that was stylish and comfortable. It really took off with frontline workers and as the brand grew and we evolved, our mission became about caring for and loving your eyes. There are so many everyday uses for all. Whether you’re chopping onions in your kitchen, gardening, doing DIY projects with heavy-duty equipment, we want them to know Stoggles is there for them.
What inspired the start of Stoggles?
Stoggles was conceptualized in May of 2020, just as the COVID-19 pandemic was widely spreading across the country and Dr. Fauci was recommending the public to avoid touching their eyes. As veterans of the fashion eyewear industry, we saw an opportunity to add value to the newly vacant space. We felt that the existing safety eyewear in the market was ugly, hyper-masculine, uncomfortable, cheap, and poorly branded. The solution we came up with was a carefully designed, stylish yet highly effective product made of prescription-friendly, lightweight, and durable polycarbonate lenses with anti-fog coating.
How is it different?
Stoggles has a high emphasis on design and styling, delivered through unique colors and eyewear shape. We also offer superior quality products across all categories. Stoggles is also the only DTC eyewear company whose entire product line is ANSI-Z87 certified and the first certified safety eyewear that is prescription-friendly.
What market are you targeting and how big is it?
Protective eyewear is a $3.3B market and growing quickly. Over half of the 2.5 million annual eye injuries occur at home, so we believe eye protection is important for everyone.
What’s your business model?
Digitally Native, DTC.
What are your post-COVID office plans?
We see a future that’s hybrid where employees can enjoy some of the week being in the comfort and security of their home; offsetting that with coming together in a conducive and creative space to discover and innovate. As a team, we thrive off each other through our ideas and emotions, and sometimes that can get lost when on a video call. That said, we think there is a balance between the two and we want to enjoy the advantages that both models offer.
What was the funding process like?
The Chernin Group is known to invest in companies that have created culture around a great content and commerce model. When we were looking for the best investor for this growth round, we knew we needed a partner that centrically valued those three things. The Chernin Group quickly proved to check all of our boxes and offered us an investment that allowed us to work with a single entity rather than a larger group of investors and board members
What are the biggest challenges that you faced while raising capital?
The biggest challenge was organizing and presenting all of our data, financial reports, projections, and pitch decks. On top of strong sales numbers, investors want to see that the company is organized and built to scale.
What factors about your business led your investors to write the check?
We built a compelling narrative around our business on multiple fronts. We have strong sales, month-over-month growth, and great margins. Beyond this, protective eyewear is a large addressable market that we’re positioned to continue to grow within.
What are the milestones you plan to achieve in the next six months?
In addition to expanding our product offering and securing our stake in the ground as the go-to protective eyewear company, we are also looking to grow our marketing team. We both come from the design and creative content world and we’re eager to grow those teams as well since we believe that’s what has differentiated us in this space. However, hiring a Director of Marketing has been on our wishlist for some time now. One who is passionate about what we’re embarking on but also understands the nuances of the DTC world + has a track record of building a brand through today’s marketing channels.
What advice can you offer companies in Los Angeles that do not have a fresh injection of capital in the bank?
This growth round is our first capital injection, so we know what it’s like to try to grow without much capital in the bank. We raised over $3M through crowdfunding, which enabled us to have the capital we needed to begin large-scale production. Without capital in the bank, it’s important to be scrappy until you find product-market fit. Spend time really trying to understand what your customers need, and design a product and experience that solves their needs better than anyone else.
Where do you see the company going now over the near term?
We believe we are at an incredible point in our journey where we’re on a mission to change the way people have perceived protective eyewear and it’s never been as important as it is today. Hence our tagline #LoveYourEyes has been our cornerstone for much of our decisions around how we are leading this company to become a more relevant brand in the years to come.
What’s your favorite outdoor activity in LA?
Hiking and Biking.
