Warby Parker has filed regulatory documents for IPO, revealing financials for the first time.
“We started Warby Parker 11 years ago to solve our own problems as frustrated consumers,” cofounders and co-chief executive officers Neil Blumenthal and Dave Gilboa wrote in the SEC filing Tuesday. “We couldn’t understand why glasses were so expensive or the process of buying them was so cumbersome and inconvenient.
“We are proud to have built one of the fastest-growing brands at scale in the United States,” the letter continued. “Every day, we aim to design high-quality products, deliver amazing customer experiences and develop innovative technologies that help the world see. “As our business scales, our impact does, too,” the CEOs wrote. “We are excited to be the first public benefit corporation to go public through a direct listing and we hope to serve as an example to other businesses and entrepreneurs that can do well while doing good.”
The company has raised more than $500 million since it was founded in 2010, including through a Series G round last year that was said to value the business at $3 billion. The company told regulators that it has more than $411 million in assets, including roughly $260 million in cash and cash equivalents.
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