How Bombas Changed the Sock Game: Net Worth and History
Known for its fashionable socks, Bombas is a New York-based clothing line that helps homeless people through product donations.
The company appeared on Shark Tank—a reality television show for entrepreneurs.
If you want to learn more about the company, you’re in the right place. This article discusses Bombas net worth and history.
Besides that, it talks about how the company is doing after the Shark Tank episode aired.
Bombas’ 2023 Net Worth
As of the first quarter of 2023, Bombas has an estimated net worth of $100 million. The company earned it from product sales and crowdfunding.
Less than a year after its inception, 9 months, to be specific, the company made $400,000 in revenue. Reports say that Bombas now earns $8.3 million per annum.
About Bombas: A Brief History
Founded by business partners David Heath and Randy Goldberg in 2013, Bombas began when Heath came across a Facebook post that said, “Socks were the most requested item for the homeless.”
The post inspired the two to launch a sock-manufacturing company. Their vision was to donate a pair of socks to the homeless for every pair sold, as TOMS does with its products.
That same year, Bombas received funding amounting to $145,000 from Indiegogo—a crowdfunding website. Likewise, the owner’s family and friends seeded the company for $1 million.
Four years after its founding, Bombas managed to sell and donate around four million pairs of socks. The company made its products available in shops like Dick’s Sporting Goods and Nordstrom.
About Bombas’ Socks
It took the founders of this company 2 years to develop their products. That said, Bombas socks have features and benefits that other branded undergarments don’t have.
The arch support, seamless toes, blister tabs, and anti-microbial abilities make Bombas socks stand out. In fact, the brand’s Women’s Original Ankle Socks received numerous positive reviews from online shoppers.
Apart from socks, Bombas’ product line includes underwear, slippers, and T-Shirts.
Bombas Appears on Shark Tank
In September 2014, founders David and Randy appeared in Shark Tank’s 6th season. The duo asked the investors for $200,000 in exchange for 5% equity.
David told the investors about the company’s one-for-one sock charity drive and how Bombas designs and manufactures its products.
In the end, Daymond John offered Bombas founders the requested amount in exchange for a 17.5% stake in the company.
Bombas After Shark Tank
The company prospered after David and Randy appeared on TV.
In fact, Bombas earned more than $100 million worth of revenue in 2018. It was a breakthrough for the company.
Yet, the duo’s success didn’t stop there. The company continues to thrive as it hits the $200 million revenue mark.
Quick Facts About Bombas
Here are some quick facts about Bombas:
- Bombas’ office is located at 881 Broadway, New York, NY 10003, United States.
- The company has a total of 200 employees.
- Bombas has already given 75 million items to the homeless.
- The company donates dark-colored products because of their versatile style.
- The Bombas team occasionally goes to recipients and hands over donations in person instead of sending them by courier.
- Bombas launched an event to encourage 60 well-known New York-based companies to visit and give 60,000 thousand socks to shelter folks.
Clearly, funding can be of notable help when it comes to growing a business; it was for Bombas! The company benefited greatly from the investments of individuals and organizations.
On top of that, we saw in this post that running a business isn’t just about making money. Bombas teaches us to share our good fortune to make other people’s lives a little bit better.