Bombas Socks on Shark Tank Season 6 Premiere

Randy Goldberg and David Heath want to be the TOMS shoes of the sock world. The men sell their high-end Bombas socks and then donate one pair to homeless shelters for every pair sold.

In an attempt to “pay it forward” the men have teamed up with an organization called Hannah’s Socks, which distributes footwear to those in need in the U.S.

Socks might not be the most exciting business model in the world, but Bombas does offer a wide variety of colors and styles to choose from.

Since forming nine months ago the company has generated $450,000 in sales and expects to close out the year with $1.1 million. They are projecting $2.7 million in sales for 2015.

The men asked for $200,000 in exchange for a 5% equity in the company.

Mark Cuban once again bowed out, believing that the company has already reached its plateau. Lori Greiner also ditched the bidding process because the guys wanted to use the investment to hire more people to help them find new customers. Robert Herjavec also didn’t like the company’s customer acquisition model and chose not to make an offer. Kevin O’Leary was as mean as ever, calling the guys “sock cockroaches.” FUBU founder Daymond John swooped in with a $200,000 offer for a 20% equity share of the company. The men offers Daymond 15% and he countered with 17.5%.

The three men eventually agreed on $200,000, plus financing for inventory and production, for a 17.5% equity share in the company.

Bombas socks might be a very simple concept, but Twitter users were happy that they made a deal with Daymond John:

https://twitter.com/Loris883/status/515667968467173377

Paying it forward has proven to be a successful business model for TOMS shoes. If Bombas socks succeeds we may just see more of this business model in the very near future.

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