Having recently surpassed $1 billion in sales, Bombas is the first Shark Tank company to hit this milestone. Founded by David Heath and Randy Goldberg, the brand claims to be a “comfort focused sock” looking to help those in need. They appeared on season six of Shark Tank and secured a deal with Daymond John. As of 2024, Bombas is worth $100 million.
David Heath and Randy Goldberg both hail from New York. David’s parents were businesspeople and influenced him to study entrepreneurship at Babson College. Randy graduated from Georgetown University’s business school.
Heath started making money at a young age, in high school he DJ’ed at parties and also sold knives door to door. On the other hand Goldberg mastered copywriting, branding, and digital creativity.
Through his company, Tennis Partners, he has consulted for brands such as Vitaminwater, Sony, and Nike. He also founded a marketing firm called Pop Up Flea.
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 and developed a business model similar to TOMS, selling socks and donating a pair to the homeless for every pair sold. In 2013, they formed Bombas, which is Latin for the word “bee.”
David and Randy chose the name because bees work together to make their home a better place. The clothing startup ran a crowdfunding campaign on Indiegogo and raised over $140,000, despite initially asking for $15,000
Pitch on Shark Tank
About a year after launching their sock brand, Heath and Goldberg appeared on Shark Tank to raise more capital. The guys were seeking $200,000 in exchange for a 5% stake in the business.
The Sharks appreciated the philanthropic aspect of their business model, and 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. Daymond’s offer of $200,000 for 17.5% of the company was accepted.
Success After Shark Tank
Bombas did $450,000 in revenue nine months after Shark Tank and 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 businesses. In 2021, Bombas made $237 million in revenue according to zoominfo.com. Apart from athletic socks, the brand expanded its product line for adults, children, and women to include t-shirts and underwear. To date, they’ve donated 100 million items to support those in need. As of 2024, they’ve done $1.3 billion in retail sales!
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.