Did Shark Tank invest in Bombas? If you haven’t heard of Bombas, it’s a sock company that became famous for its mission to donate a pair of socks to someone in need with every purchase. In 2014, Bombas founders David Heath and Randy Goldberg appeared in front of the Sharks, seeking $200,000 for a 5% equity stake in their company, and they got an offer from Fubu founder Daymond John. But did Bombas take the deal, and what has happened since?
From the humble beginnings of a failed sock drive to a thriving business, Bombas has captured the attention of the business world and philanthropists alike. The company’s mission to help those less fortunate has struck a chord with consumers, and their product is beloved by athletes, hikers, and people from all walks of life. But did Shark Tank invest in Bombas, and how has that partnership impacted the brand?
So, did Shark Tank invest in Bombas, and what has happened since? The answer to that question is a resounding yes. Bombas took Daymond John’s offer and received $200,000 for a 17.5% stake in the company. The partnership has proven fruitful, with Bombas becoming a household name and Daymond John serving as a mentor and advocate for the brand. Join me as we dive into the fascinating history of Bombas and how this Shark Tank partnership has shaped its success.
Shark Tank and Bombas: The Backstory
One of the most successful and memorable pitches on Shark Tank was made by Bombas, a company that produces high-quality socks.
- The Bombas founders came up with the idea when they realized that socks were the most requested item at homeless shelters.
- They created a line of socks that not only had a quality and comfort rarely seen in the industry, but also donated a pair for every pair purchased.
- The founders went on Shark Tank to request $200,000 for 5% equity in their company.
The Sharks were impressed with the company’s mission and innovative design, and they all competed to invest in the business.
Ultimately, Bombas secured a deal with Fubu founder Daymond John for $200,000 for a 17.5% equity stake in the company.
| Investor | Deal Offer | Equity Stake |
|---|---|---|
| Barbara Corcoran | $200,000 for 10% equity | Rejected |
| Daymond John | $200,000 for 17.5% equity | Accepted |
| Mark Cuban | $200,000 for 15% equity | Rejected |
| Kevin O’Leary | $200,000 for 20% royalty until initial investment repaid, then 5% equity stake | Rejected |
| Robert Herjavec | $200,000 for 10% equity and $200,000 as revolving credit line | Rejected |
The deal with Daymond John proved to be the right move, as Bombas has since become a wildly successful company, bringing in over $100 million in revenue and selling millions of socks every year.
Bombas Founders’ Pitch on Shark Tank
When David Heath and Randy Goldberg appeared on Shark Tank in 2014, they were seeking a $200,000 investment for 5% equity in their company, Bombas. Bombas is a sock company that strives to create the most comfortable and long-lasting sock through its innovative design and use of high-quality materials.
- Heath and Goldberg shared their personal stories, explaining how they came up with the idea for Bombas after hearing about the need for socks at homeless shelters.
- They then demonstrated the unique features of their socks, such as the honeycomb arch support and seamless toe design.
- The founders emphasized their commitment to donating a pair of socks to a homeless shelter for every pair purchased, a social mission that sets Bombas apart from other sock companies.
The Bombas pitch on Shark Tank was successful, as investor Fubu founder Daymond John offered $200,000 for 17.5% equity. Although the offer was more than what Heath and Goldberg were initially seeking, they recognized the value in bringing on a strategic partner like John who could help grow their company.
Today, Bombas is a thriving business with a loyal customer base and a strong commitment to social responsibility. The company has donated over 50 million pairs of socks to homeless shelters across the United States, making a significant impact on communities in need.
| Founder(s) | Deal |
|---|---|
| David Heath and Randy Goldberg | $200,000 for 17.5% equity from Daymond John |
The Bombas founders’ pitch on Shark Tank not only secured them the investment they needed to grow their business, but it also highlighted the importance of social responsibility in building a successful company.
The Shark Tank Effect: Bombas’ Growth
Bombas, the innovative sock company, appeared on Shark Tank in 2014, and since then, their growth has been explosive. The Shark Tank effect played a big role in Bombas’ success, and the company has continued to grow and expand since then.
- Bombas’ Shark Tank pitch was impressive – they had a solid business model, a unique product, and a strong mission to donate one pair of socks for every pair purchased. The Sharks were impressed, and Bombas ultimately made a deal with FUBU founder and entrepreneur, Daymond John.
- After their Shark Tank appearance, Bombas’ growth trajectory changed entirely. In the three years following their appearance, the company saw an incredible 6000% growth in revenue.
- Part of the reason for Bombas’ growth is due to the Shark Tank effect. As a result of their appearance on the show, the company gained incredible exposure and a new level of legitimacy. This exposure led to more sales, as well as investment and partnership opportunities.
Bombas’ Continued Success
Since their appearance on Shark Tank, Bombas has continued to grow and expand. They have raised millions in funding and have expanded their product line to include T-shirts, sweatshirts, and other apparel items.
Bombas has also continued to prioritize their social mission and has donated millions of socks to those in need. This commitment to social responsibility has helped to build a loyal customer base and has contributed to the company’s overall success.
The Shark Tank Effect: The Numbers
So, just how big was the Shark Tank effect on Bombas? Here are some of the numbers:
| Statistic | Before Shark Tank | After Shark Tank |
|---|---|---|
| Revenue | $450,000 | $28 million |
| Investment | $150,000 from friends and family | $2 million from Daymond John and other investors |
| Website Traffic | 200 visits/day | 100,000 visits/day |
These numbers speak for themselves – the Shark Tank effect was a game-changer for Bombas. It brought the company to the attention of millions of viewers and catapulted it to new heights of success.
Bombas’ Donations to Homeless Shelters
One of the unique features of Bombas, the sock company that appeared on Shark Tank, is its social initiative to donate one pair of socks for every pair sold. This initiative aimed to address the shortage of socks in homeless shelters since they are the least donated and most in-demand clothing item needed by the homeless population.
- Bombas partnered with over 2500 giving partners across all 50 states to distribute their donated socks to the homeless and those in need.
- As of 2021, Bombas has donated over 50 million pairs of socks to homeless shelters and organizations across the United States.
- In addition to socks, Bombas has also expanded their donations to include t-shirts and undergarments for men, women, and children who are struggling with homeless and poverty.
Bombas’ social initiative has earned them numerous accolades and recognition. In 2017, Bombas was recognized as a finalist for CNN’s Heroes of the Year award for their donations to homeless shelters. The company’s commitment to giving back has also earned them a B Corporation certification, which means that they meet rigorous standards of social and environmental performance, accountability, and transparency.
To track their charitable efforts, Bombas has created a “Giving Dashboard” on their website that displays real-time statistics on the number of socks and clothing items they have donated, the organizations they have partnered with, and the impact of their donations on the lives of those in need.
| Year | Pairs Donated |
|---|---|
| 2013 | 10,000 |
| 2014 | 50,000 |
| 2015 | 250,000 |
| 2016 | 1,000,000 |
| 2017 | 3,000,000 |
| 2018 | 10,000,000 |
| 2019 | 20,000,000 |
| 2020 | 40,000,000 |
| 2021 | 50,000,000 |
Bombas’ donations have not only provided warmth and comfort to the homeless but also restored their dignity and sense of self-worth. The company’s social initiative proves that businesses can make a difference beyond their bottom line and create a positive impact on the world.
Bombas’ Continued Innovation in the Sock Industry
Bombas is more than just another sock company; they offer unique, high-quality products that are dedicated to helping people in need. The company’s innovative designs and focus on improving the lives of others have garnered attention from big names, including Shark Tank’s investor panel. Here is a closer look at Bombas’ continued innovation in the sock industry.
Innovative Sock Design
- Their signature “Honeycomb Support System” is unique to Bombas socks. This design provides extra support and comfort for the feet and is made with high-quality materials that won’t wear out quickly.
- Bombas’ socks also have a cushioned footbed that is reinforced for durability and a seamless toe that eliminates uncomfortable bunching and rubbing.
- Their performance socks have moisture-wicking technology that keeps feet dry during exercise and are made with antimicrobial materials that prevent odor and bacteria buildup.
Sustainability Efforts in the Industry
Bombas is committed to reducing their environmental impact. They use recycled materials to make their packaging and have developed a program to donate lightly used socks to those in need. This initiative, in partnership with the Salvation Army, allows Bombas to give back to the community while also promoting sustainability in the industry.
Their Charitable Giving Model
Bombas follows the “one-for-one” model, meaning for every pair of socks they sell, they donate a pair to someone in need. Since their launch, Bombas has donated over 40 million pairs of socks to more than 2,500 community organizations in the United States. Their mission to help those in need has set them apart from other sock companies and has been a driving force behind their success.
Bombas’ Partnership with Shark Tank
| Investor | Amount Invested |
|---|---|
| Daymond John | $200,000 for 17.5% equity |
| Mark Cuban | $200,000 for 15% equity |
Bombas appeared on Shark Tank in 2014 and received two offers from Daymond John and Mark Cuban. The investment from these two sharks allowed Bombas to expand their product line and increase their charitable efforts. Bombas’ success since their appearance on the show is a testament to their innovative designs, commitment to sustainability, and dedication to helping others.
Bombas’ Early Investor Roger Federer
While Bombas may be a household name now, it wasn’t always the case. In fact, the company had a tough time getting off the ground in its early days. That’s where tennis legend Roger Federer came in. The Swiss tennis player was one of the company’s earliest investors, and his involvement helped put Bombas on the map.
- Federer first became involved with Bombas in 2013, when the company was still in its infancy. At the time, Bombas was struggling to get its name out there, and Federer’s investment helped raise the company’s profile.
- Since then, Federer has been a vocal supporter of the company, even wearing Bombas socks during his matches. This type of visibility helped cement Bombas’ position as a reliable and trustworthy brand.
- According to Bombas co-founder David Heath, Federer not only provided financial support, but also offered valuable advice and guidance. This helped the company navigate the tricky waters of the startup world and emerge as a success story.
Today, Bombas is a household name, thanks in part to the support of Roger Federer. The company has donated millions of socks to those in need and has expanded its product line to include t-shirts, underwear, and more. Through it all, Federer has remained a steadfast supporter of the brand, and his involvement continues to be a valuable asset.
If you’re looking for evidence of Bombas’ impact, you don’t need to look far. Their socks have become a cult favorite, and their commitment to giving back has helped the company stand out in a crowded marketplace. Thanks to Roger Federer and others like him, Bombas has been able to achieve its mission of making the world a more comfortable place, one sock at a time.
| Year | Investment Round | Investors |
|---|---|---|
| 2013 | Seed | Roger Federer, Brian Lee, Collaborative Fund, Great Oaks VC, Gwyneth Paltrow, Vayner RSE |
| 2014 | Series A | Roger Federer, Collaborative Fund, Great Oaks VC, Vayner RSE |
| 2016 | Series B | August Capital, FJ Labs, Greycroft Partners, RXR Realty, Slow Ventures, Rosecliff Ventures, Red Sea Ventures |
As you can see, Roger Federer was there from the beginning, providing early support and helping the company achieve its goals. His investment was instrumental in getting Bombas off the ground, and his continued involvement has been a major asset along the way. The company’s success is a testament to the power of collaboration and the strength of a strong investor network.
Bombas’ Philanthropic Partnerships with Nonprofit Organizations
Bombas, the popular sock brand, is more than just a company that sells comfortable and stylish socks. One of the company’s core values is giving back to the community, and they have made a significant effort to partner with nonprofit organizations to help those in need.
In fact, for every sock Bombas sells, the company donates a pair to someone in need. This commitment to giving has led to numerous philanthropic partnerships with nonprofit organizations that share Bombas’ vision for improving the lives of others.
- Special Olympics: Bombas teamed up with Special Olympics in 2018 to create a limited edition sock to raise funds for the organization. For every pair sold, the company donated a pair to Special Olympics athletes.
- Habitat for Humanity: In 2019, Bombas partnered with Habitat for Humanity to provide new socks to families in need who were moving into their newly built homes. The company donated over 6,000 pairs of socks to the organization.
- The Ally Coalition: Bombas has also partnered with The Ally Coalition, an organization that focuses on LGBTQ equality. The company donates socks to the organization’s events and campaigns, including their annual Talent Show in New York City.
Bombas has also made an effort to help those experiencing homelessness. According to the National Law Center on Homelessness and Poverty, socks are one of the most requested items at homeless shelters. In response to this need, Bombas created a sock specifically designed for those in homeless shelters. For every pair of socks sold, Bombas donates a specially designed pair to a homeless shelter.
| Nonprofit Partner | Collaboration |
|---|---|
| Special Olympics | Limited edition sock |
| Habitat for Humanity | Donation of 6,000 pairs of socks |
| The Ally Coalition | Donation of socks for events and campaigns |
Bombas’ philanthropic partnerships with nonprofit organizations have made a significant impact on the lives of those in need. The company’s commitment to giving back has helped them to create a loyal customer base who appreciate their mission and values.
Did Shark Tank invest in Bombas?
1. What is Bombas?
Bombas is a company that produces high-quality socks and other apparel, with a mission to donate a pair of socks for every pair purchased.
2. When did Bombas appear on Shark Tank?
Bombas appeared on Shark Tank on November 13, 2014, during the sixth season of the show.
3. Did any of the Sharks invest in Bombas?
Yes, Daymond John invested $200,000 for 17.5% equity in Bombas.
4. How has Bombas performed since appearing on Shark Tank?
Since appearing on Shark Tank, Bombas has seen exponential growth, expanding its product line to include T-shirts, underwear, and even face masks.
5. How successful has Bombas been?
In 2019, Bombas exceeded $100 million in revenue, making it one of the most successful companies to come out of Shark Tank.
6. What sets Bombas apart from other sock companies?
Bombas is committed to making high-quality socks that are comfortable and well-fitting, with features like stay-put technology and seamless toes. Additionally, their giving program has donated over 50 million pairs of socks to those in need.
7. How can I purchase Bombas products?
Bombas products can be purchased on their website, as well as in retail locations like Nordstrom and REI.
8. What is the future of Bombas?
As Bombas continues to expand its product line and philanthropic efforts, the company’s future looks bright.
Closing Thoughts
Thanks for reading about Bombas and their appearance on Shark Tank. As one of the most successful companies to emerge from the show, Bombas has truly made a positive impact on the world. Be sure to visit again later for more updates on this innovative and socially responsible company.