Socks are donated to homeless by Bombas for every pair it sells
Bombas wants to help decrease homeless shelter demand for socks
Bombas has found a way to make a profit in selling socks while helping those in need.
Bombas co-founder Randy Goldberg joined FOX Business’ “After the Bell” on Friday to discuss how his company is trying to do some good in the world.
The model of Bombas is “pretty simple,” Goldberg said. “For every pair of socks that you buy, we donate a pair to somebody who's at risk, in need or experiencing homelessness.”
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The idea for Bombas “started with the donation angle,” Goldberg said. Goldberg told FOX Business his co-founder, Dave Heath, saw a Salvation Army campaign on Facebook saying socks are the most requested clothing item from homeless shelters.
Heath brought the idea to Goldberg and “we found it, obviously, sad, and we wanted to help solve the problem,” he said.
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“As we started to talk to shelters, we found out that you can't donate used socks to most homeless shelters,” Goldberg said. “We came up with a model where you sell a pair and you donate a pair ... That we could actually help solve this problem in a major way.”
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Goldberg said because the donation aspect of Bombas was part of the company’s founding, his team has been able to scale it as the company has grown and began to offer different types of products.
Bombas has donated over 25 million pairs of socks so far, according to the company’s website.