Bombas Socks
Source: Bombas Facebook

Bombas Socks Is a Million-Dollar Company That Believes in Giving Back

Kathryn Underwood - Author
By

Jan. 4 2023, Published 11:33 a.m. ET

If you like comfortable, long-lasting socks and giving back to your community, Bombas Socks may be just the company for you to follow. Bombas Socks, an apparel brand that focuses on socks as well as underwear and t-shirts, has grown a lot since an appearance on Shark Tank in 2014. Here's an idea of the Bombas Socks net worth today.

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The creators of Bombas Socks had the aim of making extremely comfortable socks and helping to provide for the homeless. They learned that socks were the most in-demand item at homeless shelters and thus decided to donate one item for every item purchased. Today they make socks, underwear, and t-shirts, still operating on the buy one, donate one standard.

Bombas socks
Source: Bombas Facebook
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Who is the owner of Bombas Socks?

The creators of Bombas Socks, Randy Goldberg and David Heath, launched their sock company in 2013. Part of their mission is to donate an equivalent item for every piece purchased. They got funding through Indiegogo in 2013 totaling $145,000, followed by about $1 million in seed funding from friends and family a year later.

Goldberg and Heath remain the primary owners of Bombas Socks, but their appearance on Shark Tank in Season 6 brought on a new investor, Daymond John. The investor from the popular reality series Shark Tank agreed to a deal giving him a 17.5 percent stake in the company.

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Bombas socks
Source: Facebook

When Heath and Goldberg made their Shark Tank pitch, they requested $200,000 in exchange for 5 percent equity in Bombas. That would have resulted in a $4 million overall valuation, which made Kevin O'Leary back away from investing. Robert Herjavec, Lori Greiner, and Mark Cuban also declined to invest.

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The final remaining shark investor, Daymond John, made an offer that the Bombas founders accepted. He did offer the $200,000 they had initially wanted, but for a much larger stake in the company than they'd hoped.

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Daymond John
Source: Getty Images
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How much of Bombas does Daymond John own?

Daymond John made his offer of $200,000 to the Bombas founders, but for a 17.5 percent stake in the company. This was a much higher stake than the 5 percent they'd first offered to the sharks. He apparently still owns a percentage of Bombas, though The New York Times noted that there was a renegotiation in terms after the show. In 2019, John told CNBC, "I'm really happy to be part of what they're doing."

How much money does Bombas Socks make?

According to CNBC, in the first two months after the Shark Tank episode aired, Bombas sold out of all its inventory, doing $1.2 million in sales. John told the network that Bombas was (at that time) one of his top three Shark Tank investments.

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By 2018, Bombas had made over $100 million in revenue per year. TechieGamers estimated the company's net worth at $100 million as of 2022.

Bombas Socks has donated over 75 million new clothing items so far.

Staying true to its mission, Bombas has donated an item for every item bought since the company launched. Its 2022 impact report stated that over 75 million new clothing items had been donated thus far. Bombas works with over 3,500 "giving partners" or organizations that help distribute the donated socks, underwear, and now t-shirts to the needy.

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The company reports that of all its giving partners, 74 percent said the partnership with Bombas helped free up funds for other necessary expenses. 99 percent said that working with Bombas "allowed them to increase their impact in their community."

Donations are thoughtfully managed with Bombas. They work with Giving Partners to create custom donation packages including the sizes, styles, and quantities needed.

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