Everyone dreams of striking it rich on “Shark Tank”, but only a few have the right product, pitch, and personality to grab the attention of the show’s deep-pocketed investors. In the premiere of Season 6, two such entrepreneurs, Randy Goldberg and David Heath, wowed the crowd and the Sharks with their athletic sock company, Bombas.
Their pitch was an attractive blend of business and philanthropy, promising not only high-quality socks designed with athletes in mind but also pledging to donate a pair of socks to homeless shelters for every pair sold. This blend of business and social impact intrigued Shark Daymond John, who invested $200,000 for 17.5% of the company.
Shark Tank: Overnight Success: The Bombas Boom
The impact of “Shark Tank” was immediate. Bombas’ sales skyrocketed to $1.2 million within two months of the episode’s airing, quickly depleting their product stockpile. This was just a hint of the success to come. By 2022, Bombas had brought in a staggering $250 million, making it the highest-earning business to emerge from the show.
Despite the incredible financial success, Goldberg and Heath never lost sight of their primary mission. The company continued to give back to the community, working with Veterans Affairs to donate socks to homeless veterans. Bombas had made over $14 million in sales at that point, but the mission of social impact was as strong as ever.
Daymond John, reflecting on the success of Bombas, pointed out what makes this investment so special: “It’s about paying it forward, it’s about empowering. This is absolutely one of my most successful ‘Shark Tank’ investments, they’re making money and they’re changing lives.”
Shark Tank: Building On Success: The Future Of Bombas
The success of Bombas did not stop at socks. In a Season 11 update segment, they unveiled a new line of comfortable T-shirts, keeping with their one-for-one donation model. By then, the company had already earned $225 million in sales and donated over 30 million socks to those in need.