They wanted $200,000 for a five percent equity stake.
When Daymond John is the last shark standing, the boys offer to change it to a ten percent stake.
John then offers twenty percent.
The pair leaves with a deal after John offers 17.5 percent and to finance the inventory.
1. Proceeds Go to Homeless Shelters
— Bombas (@BOMBAS) September 23, 2014
Bombas matches every purchase with a donated pair to homeless shelters. They are dubbed the TOMS shoes of socks.
They partner with an organization called Hannah’s Socks, which distributes to those in need in the U.S.
2. It’s a NYC Startup
The two founders met in 2006. They were both working at the startup UrbanDaddy In Manhattan.
They left their jobs in the spring of 2013 to commit to Bombas.
3. The Idea Came from a Quote
In an interview with Reuters, Goldberg said:
The idea for the company came from a quote we saw in 2010. The Salvation Army was doing a massive sock drive on Facebook with Hanes, and they were quoted saying “socks are oftentimes the most requested clothing item at homeless shelters.” That stuck with us.
4. They Started a Fundraising Campaign
Check out the link here on Indiegogo. Their initial goal was to raise $15,000.
The campaign, that ran from July to September of 2013, raised $142,488.
5. The Word Bombas is Latin for Bumblees
— Bombas (@BOMBAS) September 4, 2014
On their campaign site, they offer this explanation:
Bees work together to make the hive a better place. We like that. So much so that it inspired our slogan that’s written on the inside of every pair of Bombas: bee better.
You can find the bee logo on all their products.