Selling High-End Socks by Giving Them Away - The New York Times 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. His offer of $200,000 for 17.5% of the company was accepted. Randy Goldberg and David Heath [Photo: courtesy of Bombas] In 2013, entrepreneurs Randy Goldberg and David Heath stumbled across a Facebook post that mentioned a serious need for socks at homeless . They hit that target early--by about seven and half years--and continueto surpasssubsequent goals they set for themselvesfive years after the company's launch in 2013. Bombas, a premium sock company that gives away a pair for every one it sells, has recently hit two major milestones: It exceeded $100 million in revenue in 2018 and has sold 20 million and given away 20 million pairs of socks. So, they developed a business model, marketing socks and donating a pair to the homeless for every unit sold. Bombas announced Tuesday that it donated its seven millionth pair of socks. How do we build a business that will outlast us? This focus on social issues helped Bombas connect with their customers and solidified their place as a mission-based eCommerce brand. In terms of creating a legacy for the company, Heath looks to the likes of Patagonia, a B Corp, which is a certification that for-profit businesses receive for meeting the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose.. Randy Goldberg (@RandyGoldberg) | Twitter Wonderful has since appeared in promotions for the brand, including an ad where he scrubs a toilet. Bombas got featured on Shark Tank America on September 26, 2014. 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. Five years later, he sold his then smart-home security tech outfit Ring to Amazon for a reported $1 billion. When Randy Goldberg and David Heath, co-founders of popular sock brand Bombas, first met, socks were not among their shared interests. We were doing dances, jumping up and down, he added. Bombas socks were created by David Heath and Randy Goldberg in an effort to create a business that had a serious stake in ethical practice and giving back to the community. Jamie Siminoff pitched his video doorbell company, DoorBot, to the judges in 2013. In high school, he worked as a DJ for parties. For Bombas, the strength of a sibling founding team (plus two other co-founders, Randy Goldberg and Aaron Wolk) transformed the idea into a $170 million business (2019 revenue) with tremendous social impact. He did offer the $200,000 they had initially wanted, but for a much larger stake in the company than they'd hoped. Hearing this, he had the idea to make affordable socks that would last, while also offering unparalleled comfort and functionality. About His Business & Career: The former mayor of New York City, with a net worth estimated at $59 billion, has always been an entrepreneur first and foremost. The founders of Kodiak Cakes, a line of whole grain and protein-packed pancake and waffle mixes, went on Shark Tank in season 5 looking for $500,000 in return for a 10% stake.

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