The concept of athletic socks might not spark an interest within you right away but founders David Heath and Randy Goldberg were pretty sure that their business model had potential, which is when they decided to take it on Shark Tank.
Bombas is an athletic socks company, which claims that its socks are the best in the market and designed to help athletes have comfortable and supportive wear while they are sprinting or running through the tracks.
If you are wondering where Bombas is after their Shark Tank appearance and how well the brand is doing for itself, you have come to the right place.
Shark Tank Bombas Update
- Entrepreneurs – David Heath and Randy Goldberg
- Business – Athletic socks
- Ask – $200,000 for 5% equity
- Result – $200,000 for 17.5% equity
- Sharks – Daymond John
When you take a sock company on Shark Tank, it is common for the sharks to question the authenticity of the product and the uniqueness factor too.
Founders David Heath and Randy Goldberg had a lot of challenges in front of them when they decided to take their brand, Bombas on Shark Tank’s sixth season while they were in their ninth month of operation.
Besides their interactive and persuasive pitch, what caught the shark’s attention was the fact that Bombas donates one pair of socks for one pair of socks that is bought. So, if a customer buys one pair from them, they donate another pair to a homeless shelter or people that are in desperate need of it.
When talking about the finances, David and Randy disclosed that each pair of their Bombas athletic socks retail for $9, which is a fair price point for quality athletic socks in the market.
Despite having good sales and aiming for a $1 million valuation in the first year, Kevin O’Leary was skeptical of the valuation of the company and backed out. Even Robert wasn’t convinced that only selling socks would be a fruitful business idea in the long run.
Even Lori Greiner and Mark Cuban weren’t too convinced about the product, which is why they didn’t want to go ahead with the counteroffer and backed out. This left behind one shark, Daymond John.
Daymond offered a counteroffer of $200,000 but for 17.5% of the company. Since the founders didn’t have any other offer on the table, it went without saying that they readily accepted the offer.
The deal with Daymond went through after the show and the business is currently booming. Bombas is now available via its official website and also via Amazon and other e-commerce platforms.
Besides socks, Bombas has also expanded its product catalog, offering a variety of other items, including shirts, slippers, and even undergarments. There is no way of knowing how much the company is making in revenue though since they haven’t released any kinds of public reports about the same yet.
However, with how well their website and sales are on other platforms, it is safe to assume that they are doing pretty well for themselves.