Are you tired of uncomfortable socks that slip down and bunch up in your shoes? Bombas, a company featured on Shark Tank, has the perfect solution for you!
Their innovative design includes a honeycomb support system, seamless toe construction, and moisture-wicking technology, making their socks not only stylish but also the most comfortable you’ll ever wear. Plus, for every pair of socks purchased, Bombas donates a pair to someone in need, making your purchase a win-win!
Bombas is a clothing brand they are well known for its re-engineered athletic socks along with this, it also has a vision for the welfare of the homeless and needy ones.
If you purchase a pair of Bombas socks they donate a pair to needy and homeless people. So far they have donated more than 45 million items. The name Bombas comes from the Latin word bumblebee.
Bombas at a glance:
|Idea||Stylish well-engineered socks brand.|
|Founders||Randy Goldberg & David Heath|
|Asked For||$200,000 for 5% at a $4 million valuation|
|Accepted Deal||$200,00 for 17.5% from Daymond John|
|Business status||In Business|
|Episode No.||Season 6, Episode 1|
|Buy on Amazon||Buy Now!|
Who are the founders of Bombas?
Bombas is founded in 2013 and the founders of this company are Randy Goldberg & David Heath. The headquarters of the Bombas company is in NEW YORK. David and Randy think that socks are the most needed cloth for homeless people while they were using Facebook.
They claim to work on the R&D of Bombas for 2 years to develop perfectly engineered socks for the masses. Randy Goldberg and David Heath were working with a media startup then they quit their jobs after thinking about and executing Bombas company.
Did Bombas make a deal on Shark Tank?
Bombas came with their uniquely engineered funky stylish socks in Episode 1 of the 6th season of Shark Tank. At the time of the pitch, they were asking for $200,000 for 5% equity with a valuation of $4 million for Bombas. They got the deal from Daymond at $200,000 for 17.5% equity.
What Happened to Bombas After Shark Tank?
Bombas socks are one of the best socks. The brand is also donated over 42 million pairs of socks to homeless people. Bombas has good customer review and feedback and their biggest profit are to help the homeless shelter people.
Currently, Bombas has expanded its product line for kids, men, and women and has introduced t-shirts, and innerwear apart from socks.
Since appearing on Shark Tank, Bombas has experienced tremendous growth and expanded its product offerings to include t-shirts and other apparel. In 2017, the company reached $100 million in sales, and in 2019, it was acquired by apparel company Goodby, Silverstein & Partners. Despite the acquisition, the company continues to operate under the Bombas name and its mission to give back to those in need.
How do Bombas make money?
Through selling and donation programs they lately but started earning. After six-year, Bombas exceed $100 million in their yearly revenue. After the success of Bombas, they launched a campaign on Indiegogo for crowdfunding as they want to scale their business on large scale.
Currently, Bobmas earns money not just by selling athletic socks but a diverse variety of socks and t-shirts for kids, men, and women.
Investors of Bombas:
There are four members who invest in Bombas. The new funders are JL COMPANY I LLC and MOE FUNDING LLC.
- JL COMPANY I LLC
- MOE FUNDING LLC
- IRVING INVESTORS
- KATIE SHEA
Bombas has raised 2 rounds. Their latest funding was raised on Aug 1, 2017, from a debt financing round.
They have four close competitors:
- Mogujie: Mogujie is a social media & e-commerce online store.
- Sheertex: Sheertex is also known as sheerly genius providing knit clothes.
- Hardloop: Hardloop gives an outdoor activities product through e-commerce.
The net worth of Bombas:
Bombas raised over $1 million in funding from their relatives. A year later they also secure a deal with Daymond John in the September 2014 episode of ABC’s SHARK TANK. In 2018, the company exceeded $100 million in revenue. By April 2020, Bombas donated 35 million pairs of socks.
- Its product is of very good quality and manufactured in a safe zone. They have lots of varieties in men’s, women’s and kid’s socks which are very comfortable.
- The welfare of giving donations is the best part of this company. Helping the needy ones are the best happiness and blessings.
- The founders of Bombas are also happy with their work of earning money and doing welfare for homeless people.
- They sell their products all over the world.
- So, don’t think too much and just buy Bombas socks!
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What is Bombas?
Bombas is a clothing brand and they are well known for their well-engineered athletic socks, but apart from this they also aim towards the welfare of homeless and needy ones.
Who founded Bombas?
This company is founded in 2013 and the founders of this company are Randy Goldberg & David heath.