Bombas by David Heath and Randy Goldberg is one of the most successful products pitched on ABC’s Shark Tank. Daymond John was the Shark who invested in the brand that reinvented numerous aspects of athletic socks. This made them beneficial for a wide range of sports. As of 2022, Bombas is worth $100 million.
About the Founders
David Heath and Randy Goldberg are from the Greater New York Area. David’s parents were businesspeople who influenced him to study entrepreneurship at Babson College. Randy is a graduate of Georgetown University’s business school.
Heath started earning money at a young age. In high school, he worked as a DJ for parties. Later on, he also tried his hand at salesmanship and sold knives door to door.
Goldberg, on the other hand, mastered copywriting, branding, and digital creativity. Under his company, Tennis Partners, he’s consulted for brands such as Vitaminwater, Sony, and Nike. He also founded a marketing firm called Pop Up Flea.
Establishing Bombas
The two entrepreneurs were introduced to each other while working at the same media startup. Their business idea came when they heard a Salvation Army major say that the clothing item with the highest demand in homeless shelters is socks.
They believed they could help with this issue. So, they developed a business model, marketing socks and donating a pair to the homeless for every unit sold. In 2013, they formed Bombas, which is Latin for the word “bee.”
David and Randy chose this name because bees work together to make their home a better place. Their clothing startup received crowdfunding from Indiegogo. The duo initially asked for $15,000, but they got more than $140,000.
Shark Tank Appearance
About a year after creating their sock brand, Heath and Goldberg appeared on Shark Tank to raise more capital. The pair were seeking $200,000 in exchange for a 5% stake in the business.
The Sharks appreciated the philanthropic aspect of their business model, and they were impressed with how sophisticated the product was. It featured many sock innovations, such as Y stitching, blister tabs, reinforced footbeds, seamless toes, and a honeycomb support system.
However, most of the investors were afraid of how competitive the sock industry is. Daymond John, who has a long history in the clothing business, was the most interested. His offer of $200,000 for 17.5% of the company was accepted.
After Shark Tank
Bombas ended up being one of Daymond John’s best investments on the show. He has collaborated with Randy and David to strengthen their brand and improve distribution.
Now, it is one of Shark Tank’s most successful ever businesses. In 2021, Bombas made $237 million in revenue according to zoominfo.com. Apart from athletic socks, the company expanded its product portfolio for adults, children, and women to include t-shirts and underwear. To date, they’ve given away over 50 million pieces of clothing to help the homeless.
They raised over $150 million in funding over four rounds with the last round in December 2021. In early 2022, Bombas was exploring options to IPO but it appears these plans are on hold. Currently, the company is worth around $100 million.
