Bombas Shark Tank Update | Bombas Net Worth (2024)

Bombas is a socially conscious apparel company primarily manufacturing high-quality socks and other clothing items that appeared on Season 6 of Shark Tank. The company was founded in 2013 by David Heath and Randy Goldberg.

Bombas gained significant popularity after its appearance on the American television show “Shark Tank” in 2014. During their pitch on the show, the founders secured a deal with one of the investors, Fubu founder Daymond John, who provided crucial support in propelling the brand to new heights.

The name “Bombas” is derived from the Latin word for bumblebee, a symbol of the company’s philosophy of working together and positively impacting the world. Bombas socks’ key differentiating factors are their focus on comfort, performance, and durability.

They have been designed with several unique features to ensure that the socks remain comfortable throughout the day, whether the wearer engages in sports or simply goes about their daily routine. These features include a seamless toe, a honeycomb support system, a blister tab, and a cushioned footbed.

Bombas has a strong commitment to giving back to the community. This is demonstrated through their “One Pair Purchased, One Pair Donated” program. For every pair of socks sold, the company donates a pair to homeless shelters across the United States.

The socks donated by Bombas are specifically designed to cater to the needs of the homeless population, with reinforced seams and an antimicrobial treatment to help combat common issues that homeless individuals face.

Since its appearance on Shark Tank, Bombas has experienced tremendous growth and expanded its product line to include socks, t-shirts, underwear, and activewear.

The company’s dedication to quality and social responsibility has resonated with customers, contributing to its success in the highly competitive apparel industry.

Bombas is a purpose-driven apparel company that gained recognition after appearing on Shark Tank. Their high-quality socks and clothing items and commitment to giving back to the community have made Bombas a beloved brand among consumers.

With its innovative design and focus on comfort, Bombas continues positively impacting customers and those in need.

What is Bombas?

Bombas is a clothing brand particularly known for its socks. The company was founded on a mission to help those in need. Bombas donates an item to homeless shelters and other organizations that support vulnerable communities for every item purchased.

The brand’s products are renowned for their comfort and durability, made from high-quality materials with thoughtful design features such as honeycomb support systems, seamless toes, and cushioned footbeds.

Bombas aims to deliver with their innovative socks. They are not just ordinary socks but a fusion of high-quality materials and meticulous design that converge to create an unparalleled foot experience.

Bombas socks are the brainchild of a unique mission: to extend warmth, care, and comfort beyond customers to those in need. For every pair sold, another is donated, a circle of kindness woven into every thread. The brand’s generosity paints a path of hope in homeless shelters and other organizations supporting vulnerable communities.

Bombas socks are an exploration of perfection. The honeycomb support system wraps your arch in a soothing hug, the seamless toe eliminates annoying ridges, and the cushioned footbed offers a plush step.

With Bombas, it’s not just about wearing socks, it’s about embarking on a daily journey of comfort while making a philanthropic impact with every step you take.

Who is the Founder of Bombas?

Bombas was founded by two entrepreneurs, David Heath and Randy Goldberg. Both founders have diverse backgrounds and experiences that contributed to the inception and growth of the company.

David Heath, the co-founder and CEO of Bombas, studied at Babson College, where he earned a Bachelor’s degree in Business Administration and Management. Before founding Bombas, Heath had a successful digital marketing and e-commerce career.

He held various roles, including working as a marketing director for UrbanDaddy, a digital lifestyle publication, and serving as the vice president of marketing at the e-commerce startup JackThreads.

Randy Goldberg, Bombas’s co-founder and chief brand officer, has a media, marketing, and branding background. He studied at the University of Michigan, where he received a Bachelor’s degree in English.

Goldberg’s professional experience includes working as a creative strategist for MTV and vice president of marketing for Bonobos’s fashion brand.

The idea for Bombas was sparked when Heath and Goldberg learned that socks were the most requested item in homeless shelters.

They recognized a gap in the market and set out to create a comfortable, high-quality sock that could cater to a wide range of customers while also addressing the needs of the homeless population.

The two spent two years researching and developing their product, incorporating innovative features such as the seamless toe and honeycomb support system.

Heath and Goldberg launched a crowdfunding campaign on Indiegogo to fund their venture in 2013. The campaign exceeded expectations, raising more than ten times the initial goal.

This success gave them the resources to begin production and establish the “One Pair Purchased, One Pair Donated” program, which has become a cornerstone of the company’s mission.

David Heath and Randy Goldberg are the founders of Bombas, and their combined backgrounds in marketing, branding, and e-commerce helped them create a successful business.

They started Bombas after identifying a need in the market and have since built a company that provides comfortable, high-quality socks and gives back to the community through its charitable efforts.

Before appearing on Shark Tank, Bombas was in its early stages of development and growth. Co-founders David Heath and Randy Goldberg launched the company in 2013, and they primarily focused on creating a high-quality, comfortable, and durable sock that would appeal to a wide range of customers.

They spent two years researching and developing their product to ensure it met their exacting standards. Heath and Goldberg turned to crowdfunding to fund Bombas’s initial production and launch. They set up a campaign on Indiegogo to raise $15,000 to kick-start their venture.

The response was overwhelmingly positive, and the campaign ultimately raised more than $142,000, which was over ten times their initial goal. This success allowed the company to produce innovative socks and establish its “One Pair Purchased, One Pair Donated” program.

During this pre-Shark Tank period, the founders worked diligently to build the Bombas brand and generate interest in their product. They engaged with potential customers through social media and other marketing channels, sharing their mission and the unique features of their socks.

They began forging relationships with homeless shelters and organizations, ensuring that their donations would have a tangible impact on those in need.

Despite their early success, Heath and Goldberg knew they needed additional resources and expertise to scale the business and reach a wider audience.

This led them to apply for a spot on the popular television show Shark Tank, which allows entrepreneurs to pitch their businesses to a panel of experienced investors.

Their appearance on the show in 2014 marked a turning point for Bombas, as it brought significant exposure and a valuable investment from Daymond John, one of the show’s investors and the founder of the Fubu clothing brand.

Before appearing on Shark Tank, Bombas was a budding startup focusing on producing high-quality socks and giving back to the community.

The company gained traction through crowdfunding, social media marketing, and its commitment to making a positive impact and laid the groundwork for its eventual success.

The exposure and investment from their Shark Tank appearance were crucial in propelling Bombas to new heights in the following years.

How Was The Shark Tank Pitch of Bombas?

The Shark Tank pitch of Bombas, presented by co-founders David Heath and Randy Goldberg, was a well-prepared and engaging presentation that showcased the unique aspects of their product and the company’s mission.

During the pitch, Heath and Goldberg introduced Bombas as a premium sock brand that aimed to address the problem of the most requested item in homeless shelters: socks.

They explained the innovative features of their socks, such as the seamless toe, honeycomb support system, blister tab, and cushioned footbed, which set them apart from competitors in terms of comfort, performance, and durability.

The co-founders also highlighted their “One Pair Purchased, One Pair Donated” program, emphasizing their commitment to social responsibility and their business’s positive impact on the community.

They shared that Bombas had donated thousands of pairs of socks to homeless shelters by the time of their appearance on Shark Tank.

Heath and Goldberg asked the Sharks for a $200,000 investment in exchange for a 5% equity stake in their company, valuing Bombas at $4 million.

They provided the panel with financial projections and sales figures, demonstrating that Bombas had achieved early success through their crowdfunding campaign and initial sales.

The Sharks expressed interest in the product and the mission-driven aspect of the business. However, some were concerned about the valuation of the company and the potential challenges of scaling up in the highly competitive apparel industry.

Kevin O’Leary had major issues with the $4 million valuation David Heath and Randy Goldberg presented for Bombas, so he dropped out of negotiations.

Robert Herjavec’s primary concern was about the viability of the sock as a standalone product. He was skeptical that a single-product company could thrive in the competitive market, leading him to drop out.

Lori Greiner and Mark Cuban dropped out for similar reasons to Robert Herjavec, implying they were concerned about the product’s ability to stand alone in the market.

Daymond John was the last remaining shark after the first four dropped out. Despite the concerns of his fellow Sharks, Daymond saw potential in Bombas and made a counteroffer of $200,000 for 17.5% equity, which David and Randy accepted.

The Shark Tank pitch of Bombas was a successful presentation that highlighted the unique features of their product, their commitment to social responsibility, and the early success of their business.

Co-founders David Heath and Randy Goldberg secured a $200,000 investment from Daymond John in exchange for a 17.5% stake in their company, providing them with the resources and expertise needed to scale and grow the Bombas brand.

How Does Bombas Make Money?

They recently began making money through selling and giving initiatives. After six years, Bombas’ annual income exceeds $100 million.Bombas’ success led to the creating a crowdfunding campaign on Indiegogo, which greatly scaled their business.

Bombas currently earns money by selling athletic socks and a varied range of socks and t-shirts for children, adults, and women.

What Happened To Bombas After Shark Tank?

Bombas experienced significant growth and success after appearing on Shark Tank. The exposure from the show, combined with the investment and mentorship from Daymond John, played a crucial role in propelling the company forward.

Following their appearance on Shark Tank, Bombas saw a dramatic increase in sales and brand recognition. The company has scaled its production and expanded its product line beyond socks to include other apparel items such as t-shirts, underwear, and activewear.

Their dedication to quality and social responsibility has helped them carve out a niche in the competitive apparel industry, with customers responding positively to both the products and the company’s mission.

The “One Pair Purchased, One Pair Donated” program has continued to be a cornerstone of Bombas’ identity. The company has donated over 50 million pairs of socks to homeless shelters across the United States.

Donations have likely increased since then, further solidifying Bombas’ commitment to positively impacting the community. In addition to its growth and expansion, Bombas has also received accolades for its business model and social impact.

For instance, the company was named one of Fast Company’s “Most Innovative Companies” in 2020. Such recognition has helped bolster Bombas’ reputation as a socially responsible and innovative brand.

Bombas experienced considerable growth and success after its appearance on Shark Tank. The investment and mentorship from Daymond John and increased brand exposure enabled the company to expand its product line and scale its operations.

Bombas has continued its mission of giving back to the community, donating millions of socks to homeless shelters, and becoming a respected and beloved brand.

Bombas Shark Tank Update

After appearing on Shark Tank, Bombas experienced a significant increase in their business operations. The marketing opportunity and exposure that the show provided were instrumental in their success.

The company was able to reach a large audience, and the compelling story of its mission resonated with many viewers, leading to a drastic increase in sales.

Furthermore, securing an investment from Daymond John gave them the capital to scale up their operations and access his wealth of knowledge and network in the business world. This undoubtedly played a significant role in their post-show success.

As sales increased, Bombas was able to stay true to its mission of donating one pair of socks for every pair sold. They reached significant milestones in their donation efforts, giving millions of pairs to those in need.

The success also enabled them to expand their product range beyond just socks. They introduced new products such as t-shirts and underwear while maintaining their one-for-one donation model.

Today, Bombas continues to thrive as a successful business with a strong social mission. They have reportedly exceeded $100 million in sales and continue to expand their product offerings and donation efforts.

Bombas’ story serves as a prime example of the positive impact that a platform like Shark Tank can have on a start-up business.

Is Bombas Still In Business?

Our research shows that Bombas is still in business and thriving after appearing on Shark Tank. They have experienced significant growth since their appearance on Shark Tank.

Apart from their original socks product, they have expanded their catalog to include shirts, slippers, underwear, and more.

The company’s mission is to donate a pair of socks for every pair sold, supporting homeless shelters and other needy groups. Their success post-Shark Tank suggests a promising future for the company.

What is the Net Worth of Bombas?

According to our research, the net worth of Bombas is estimated to be $100 million. The valuation of Bombas was $1.14 million after securing an investment from Daymond John on Shark Tank.