Only two months after raising a $2.4 million funding round, Sightbox has been acquired.
The Portland-based startup just sold to healthcare giant Johnson & Johnson and its Vision Care operating company. Terms of the deal were not disclosed; Sightbox will continue operating as a separate business.
Founded in 2015 by CEO Travis Rush, Sightbox sells contact lenses with a membership model that charges users $39 each month for an annual eye appointment and contact lens fitting, along with a 12-month supply of contact lenses of their choice. The monthly membership fee is the same price regardless of what kind of contacts a member orders, or where they get their eye exam. The company also books appointments and fills prescriptions for members.
A company spokesperson told GeekWire in July that the service fills a niche often left out of health insurance plans; most plans cover a co-pay on an eye appointment and a budget for eyewear, but contact lens fittings aren’t covered and buying contact lenses can easily take patients over their hardware budget. Sightbox does not accept any payment from health insurers.
“We are excited about how Sightbox can potentially fuel category growth by meeting consumers where and how they want, and by helping more contact lens wearers connect with eye care professionals through this concierge-type service,” Ashley McEvoy, Company Group Chairman for the Johnson & Johnson Vision Companies, said in a statement.
In July, Sightbox raised $2.4 million from Rogue Venture Partners, Portland Seed Fund, Jumpstart Foundry, Vista River Healthcare, G Ventures and Irish Angels, along with individual angel investors from around the U.S. Total funding in the company was $4.2 million.
“From the start, we knew Sightbox was onto something substantial,” Rogue Venture Partner Managing Director Tom Sperry said in a statement. “The team’s ability to connect with a new generation of customers, combined with deep domain expertise, really drove their rapid ascent.”
Jim Huston, managing director of Portland Seed Fund, noted that “this was a large win, in a very short time, for Portland.”
Johnson & Johnson’s vision business recently acquired two other companies: Abbott Medical Optics and TearScience Inc.