Friday September 24, 2021

Bombas Socks

SEASON 6 EPISODE 1
Pitchuniquely engineered funky stylish socks
EntrepreneurRandy Goldberg and David Heath
Asked For$200,000 for 5%
Deal$200,000 for 17.5%
SharkDaymond John
StatusIn Business

Company Background

What is Bombas?

Bombas is a high-end sock company that offers every style imaginable for men and women in many fashionable patterns. The socks range from a no-show, ankle, quarter, and knee-high styles. They also offer a range for athletes of various sporting disciplines. As well as styles for formal dress-ups. For every pair of socks sold, Bombas donates one to the homeless and needy.

Who Owns Bombas?

Co-founders David Heath and Randy Goldberg started Bombas in 2013. With respective backgrounds in IT, they met while working for the same media start-up company and soon became firm friends. Both remain active members of the board of directors at the company today. With their determined leadership, the company has proved a massive success. They managed to achieve revenue figures of over $100 million for the financial year of 2018.

Founder’s Story

David got the idea for the company when in 2011, he saw a post on Facebook that indicated socks were the most requested item of clothing at homeless shelters.

Discussing it later with Randy, they both got inspired by the idea of creating a sock company that donates to charity, in a similar mold to other “buy one, give one away” companies they’d seen gain traction. So, while still working full time, they set about designing the perfect pair of socks, experimenting with materials, sizes, and features.

David himself had a personal interest in the project. Having been diagnosed with ADHD as a child, he battled to find a comfortable pair of socks. Primarily due to his hypersensitivity. In 2013 the entrepreneurs quit their jobs and managed to raise over $1.25 million over two years.

They achieved this through crowdfunding, as well as investments from their family and friends. Before going to market, feeling that to excel and scale the business to the great heights they envisioned, they needed to partner with an investor with expertise in the fashion and apparel industry. And so they decided to apply for an appearance on Shark Tank.

What Happened to Bombas After Shark Tank Update

Is Bombas Still in Business?

Bombas, the sock and apparel company, is still in business. However, they have since pivoted from only doing socks to offering underwear, t-shirts, and slippers for men, women, and children. Customers can buy their range of products on its website, after which the company will donate the same item to homeless shelters.

To date, the company has donated over $50 million worth of clothing. Likewise, customers can also buy Bombas can on Amazon and through merchandise distributors worldwide. Both founders, Randy Goldberg and David Heath are still with the company.

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