What is Bombas’ net worth?
Introduction
A contestant on season 6 of Shark Tank aired in 2014, Bombas is a brand of athletic leisure socks that redefines comfort while paying it forward.
The creators of Bombas are David Heath and Randy Goldberg, who pitched their idea to the Shark Tank committee of investors in 2014.
They cut it close with their pitch, nearly walking out with next to no investment capital.
But at the last minute, they were able to secure a deal of $200,000 for a 17.5% stake in the business from Daymond John.
Since David and Heath secured the deal for their company Bombas, it has grown steadily over the years, ending up generating a high total value.
Read on to learn all there is to know about Bombas’ exact net worth, business history, products, and owners.
The Origin Story
Bombas is a sock company specializing in athletic leisure socks, designed to be able to compete with other brands that come in at $20 per pair, but for a fraction of the price.
Instead of having to pay $20 per pair, Bombas socks only cost $9 a pair.
Another bonus is that they’re sold directly to customers, not sold through a middleman.
Every pair of Bombas socks is made of ethically sourced Pima Cotton from Peru.
This special kind of cotton maximizes comfort for the wearer because of its special moisture-wicking qualities.
With a specialized honeycomb support structure for your arch, an absence of toe seams, and built-in blister protection, its wearers will experience premium comfort and functionality.
Who Are The Owners?
David Heath, actress Olivia Wilde and Los Angeles Mission Pressident Herb Smith – @Getty
The partners and cofounders of Bombas socks are David Heath and Randy Goldberg.
David had the idea for Bomba socks because of a statistic he heard about homeless shelters, reporting that socks were the most requested item by those who frequent such shelters.
Hearing this, he had the idea to make affordable socks that would last, while also offering unparalleled comfort and functionality.
David and Randy wanted to create a business that would give back to communities of the homeless throughout the US.
They even have gone so far as to promise that one pair of socks gets donated to homeless shelters per pair that is bought.
Their personal slogan is “Bee Better,” paying homage to their philosophy of paying it forward.
You can expect to see this slogan stitched into every pair of Bombas socks. And on top of that, their website has an active counter that shows exactly how many pairs of socks have been donated to date.
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Bombas – Net Worth, Total Revenues, and Business History
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So, what is the valuation of Bombas?
The pitch for Bombas socks started off a little rocky, as the Sharks were unable to comprehend why a sock company would be asking for $200,000 with a 5% return.
The committee was unimpressed with the initial metrics, a 54% margin, and free shipping.
They also assumed the company would plateau after 9 months, making the deal even less attractive.
With all the Sharks passing on the business pitch, it was down to Daymond John to make the decision to invest or not.
Heath and Goldberg offered a higher return rate to try and garner his interest, coming in with an advised pitch at 10%.
Daymond returned with an offer of a 20% return if he were to invest.
Bombas’ founders almost backed out, wanting to consult their financial advisors before making a commitment, but Daymond forced them to make a decision on the spot.
With a counteroffer of 17.5% for the required $200,000, Daymond accepted the offer, and they were in business.
One year later, the company sold out of its inventory and had $1.2 million in sales.
In 2015, the revenue rose to $4.6 million, $7.5 million in 2016, and $46.6 million in 2017.
In 2018, revenue passed $100 million and the company had 80 employees, according to Inc.
They’ve also donated millions of pairs of socks (over 75 million items) to the homeless living at homeless shelters across the country.
Therefore, premium socks company Bombas has an estimated net worth of $200 million.
“We could easily be a billion-dollar brand in revenue in the next 5 to 10 years,” Heath told Yahoo in April 2019.
David Heath, the Co-Founder and Chief Executive Officer of Bombas, has an estimated net worth of $10 million, while Randy Goldberg, the Co-Founder and Chief Brand Officer of Bombas, has an estimate net worth of also $10 million.
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Final Thoughts
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Bombas started out as just a dream for David Heath and Randy Goldberg.
But with a timely pitch to Sharks on Shark Tank, they got their investor and were able to start production.
Today, Bombas is a multi-million dollar company boasting huge sales numbers and a sizeable net worth.
David and Randy continue to promote sustainability and ethical business practices through their products and make a continuous effort to give back to homeless communities throughout the US.
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As the owner of FamousPeopleToday.com and managing editor, Bulgarea Candin Stefan leads the way in creating informative and insightful content on celebrity net worths. His professional, authoritative voice shines through every article, providing readers with valuable, unique information.