On ABC’s Shark Tank, David Heath and Randy Goldberg’s Bombas was one of the most popular goods. The company that revolutionised several features of athletic socks was founded by Daymond John. They were therefore useful for a variety of sports. Bombas’s net worth as of 2022 is $100 million.
Regarding the Founders
The Greater New York Area is where David Heath and Randy Goldberg are from. David was inspired to pursue entrepreneurship at Babson College by his business-minded parents. Randy holds a business degree from Georgetown University.
Heath began working for a living at a young age. He performed as a DJ at events while still in high school. Later, he attempted salesmanship and sold knives door-to-door.
Goldberg, on the other hand, is an expert in digital creation, branding, and copywriting. He has provided consulting services through his business, Tennis Partners, to companies like Vitaminwater, Sony, and Nike. He also started Pop Up Flea, a marketing company.
Putting up Bombas
While employed by the same media venture, the two businessmen met one another. They got the idea for their company after hearing a Salvation Army major mention that socks are the article of clothes that are most in demand in homeless shelters.
They thought they could solve this problem. In order to promote socks and give a pair to the homeless for each unit sold, they created a business strategy. They established Bombas in 2013, which is Latin for “bee.”
Because bees collaborate to improve their home, David and Randy chose this name. Indiegogo provided crowdfunding for their clothing startup. The pair’s first request was for $15,000, but they ended up with over $140,000.
Appearance on Shark Tank
Heath and Goldberg went to Shark Tank to try and raise more money around a year after starting their sock company. They asked for $200,000 in exchange for a 5% ownership interest in their company.
The Sharks were impressed with the sophistication of the product as well as the philanthropic component of their business approach. Y stitching, blister tabs, reinforced foot beds, seamless toes, and a honeycomb support system were just a few of the many sock advances it included.
However, the majority of investors were worried about how fiercely competitive the sock market is. The person who showed the most interest was Daymond John, a veteran of the fashion industry. The corporation accepted his offer of $200,000 for 17.5 percent of the business.
Following Shark Tank
One of Daymond John’s top three investments on the show ultimately turned out to be bombas. To build their brand and increase awareness, he worked with Randy and David.
It is currently one of the most prosperous businesses shown on Shark Tank. In addition to sports socks, the company has added t-shirts and underwear to its assortment of goods for adults, kids, and women.
Over $100 million is thought to be Bombas’ annual income. They have distributed more than 50 million pairs of socks thus far. Their four investment rounds totaled more than $150 million, and they were considering going public, but it now seems that these plans have been shelved.
They anticipate generating more than $237 million in sales in 2022. However, their business is currently valued at $100 million.