A VC’s Take on: Bombas

This story was originally posted on my instagram (Digitallyyours_) An account where I use a venture capital lens to discuss today’s digitally-native, venture-backed products (DNVBs) at their earliest stages and beyond.

• The Elevator Pitch: Re-engineered athletic socks
• Today: Bombas made its public debut on Shark Tank. And although Shark Daymond John told the founders, “socks are the hardest things to sell”, he ultimately ended up investing. Yet, I’m reviewing Bombas not because of its 5-min of fame, but because of its ability to take a viral moment and build a continuous business. Prior to Shark Tank, the company did raise $145k through Indiegogo [2013].
• The Opportunity: Given how essential socks are to the American footprint [pun intended], Bombas paved its way to create the perfect sock. However, it also helps that our continent spent nearly $8B in socks this year [2018].
• The Experience: The story behind Bombas is one entrepreneurs everywhere should aspire to carry. The company birthed after Randy Goldberg and David Heath discovered socks were the most requested item at homeless shelters. As young media execs, the pair had been playing around with a few ideas all built on compassionate philanthropy. However, it wasn’t until the socks idea originated that the two friends decided to take an amateur leap into the pool of entrepreneurship. Inspired by Tom’s business model, Bombas decided to implement a model where for each pair of socks sold, one pair would be donated to a homeless shelter. After 2 years of research, the company released initial models and has grown to include the likes of Gigi, Zayn, and Justin Timberlake as loyal customers. As of last year, the company had reached nearly ~$50M in sales!
• My Opinion: Although I’ve always thought of socks as a trivial part of my nearly everyday routine, I do acknowledge that a bad pair of socks can quickly turn a good day into a harsh one. No matter what pair of shoes one wears, if the socks rise down at an inopportune time, there’s goes a level of discomfort that is hard to ignore. Therefore, I was pleasantly surprised with Bombas’ ability to seize the day and not rise down a single time in a nearly 16 hour period. Additionally, I did appreciate their versatile nature: you can wear them under boots or simply as ammunition to keep your feet warm as you sleep through the night.