Entrepreneurs David Heath and Randy Goldberg pitched their sock company during
If you’re short on time, here’s a quick overview of what happened to Bombas after
David Heath and Randy Goldberg appeared on Season 6, in a now infamous
| Shark: | Result: |
| Daymond John | Accepted deal for $200,000 for 17.5% equity |
| Kevin O’Leary | No offer |
| Mark Cuban | No offer |
| Lori Greiner | No offer |
| Robert Herjavec | No offer |
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
Randy Goldbert and David Health bring their fashionable, athletic sock company, Bombas, to
Extra-long staple cotton keeps your feet warm in the winter and cool in the summer, and their moisture-wicking properties ensure they're dry and comfortable year-round.
The entrepreneurs explain that the mass market for athletic socks hasn’t changed in decades, and nothing stands out about the options available. They have worked hard to change that, by spending 2 years researching and developing their products.
In fact, altogether they came up with 7 improvements to the standard athletic sock. The result is what they call the most comfortable pair of socks that anyone will ever wear.
However, Bombas goes well beyond re-engineered socks. Because socks are the most requested clothing item at homeless shelters, these entrepreneurs have made it their mission to help the less fortunate have nice, comfortable socks.
For every pair of Bombas socks that is sold, they donate a pair to a shelter.
In terms of improvements made to the socks, it begins with materials. They use Peruvian pima cotton, which is a natural fiber that wicks away moisture and is also breathable.
Additionally, their socks don’t include an annoying seam at the toes. They also feature their proprietary honey-comb arch support, along with an ultra-comfortable performance foot bed.
The current target price point is just $9. The socks can effectively be sold at this price point, while also having all of the comfortable design features that help them stand out from other brands.
Kevin O’Leary had major issues with the $4 million valuation that was imputed, so he dropped out of negotiations.
Robert Herjavec had a different concern, primarily that the sock couldn’t survive as a standalone product.
Lori Greiner and Mark Cuban dropped out for similar reasons, leaving only Daymond John remaining.
Daymond says he likes the product, but not the valuation, and asks the guys if they will adjust their ask. David suggests that they would accept $200,000 for 10% equity, which would ultimately cut their original valuation in half.
At this point Daymond says he was about to drop out, however, he sees that the guys actually do want to make a deal. He counters at $200,000 for 20% equity.
Although David and Randy say they respect the offer, they counter again at $200,000 for 15% equity, plus a $200,000 line of credit.
Daymond counters with his final offer of $200,000 for 17.5% equity, plus he will finance their inventory needs. They finally accept his offer.
Avid
Our Bombas update is definitely one for the books, as this iconic
Lifetime sales have reached $1.3 billion, and it remains to be Daymond’s most successful investment on
Since the show, Bombas has expanded its catalog of products to include shirts, slippers, underwear, and more! Besides the company website, products can also be found on Amazon.
In terms of their sock donation program, they’ve given away at least 100 million pairs of socks!
With the growth it’s experienced since
Before you go, be sure to check out our other company updates from Season 6 Episode 1, by following the links below!
For even more on companies and products, be sure to stop by our Season 6 products page too!
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