Kobee’s Lip Balm, a skincare brand focused on natural ingredients and eco-friendly packaging, was founded by Kobe Harris and aired on the 16th season of Shark Tank USA in 2024. The founder was seeking $300,000 for 6% equity, valuing the company at $5 million. Unfortunately, he couldn’t secure a deal with any of the Sharks. In this article, we will explore Kobee’s Lip Balm Net Worth in 2024, details of the Shark Tank pitch, and more.
Kobee’s Lip Balm Net Worth 2024 & Financial Overview
After the show aired, the company experienced significant sales, with an estimated growth rate of 10% per year. Based on the company’s growth rate and the founder’s company valuation before the Shark Tank show, Kobee’s Lip Balm Net Worth is estimated at $7.5 million in 2024.
| Annual Sales Revenue | $3.5-$4 million (Projection) *estimated |
| Profits | Not Available |
| Lifetime sales | Not Available |
Shark Tank Kobee’s Lip Balm Pitch
Kobe Harris, a college student, started his personal care brand, Kobee’s Lip Balm, in June 2019. He aimed to offer eco-friendly and chemical-free products in the individual care market. He made lip balms by hand, using natural ingredients like beeswax, coconut oil, sunflower oil, and mango butter. To reduce waste, he packed his products in compostable materials.
Over time, the company grew and now offers a broader range of handcrafted products, including lotion bars, lip scrubs, cuticle butter, and hand salves. Kobe is committed to keeping his products simple, clean, and natural.
In the Shark Tank, he asked $300,000 for a 6% equity in his company. He planned to use this funding to improve online marketing and expand into retail stores. Also, with the sharks’ support, he hoped to reach more customers and bring his eco-friendly products to larger markets.
Kevin O’Leary asked Kobe Harris about the return on his ad spend, curious about how he attracted new customers. There, Kobe Harris said that his social media marketing efforts were successful, with a return of 2.5 to 3 times the investment.
Kevin also wanted to know about the company’s retail strategy. At that moment, Kobe explained that his business currently focused on direct-to-consumer sales through his website and Amazon. Lori Greiner then asked how he planned to achieve $1.5 million in sales. Kobe confidently replied that he had learned effective marketing strategies and mastered social media to grow his customer base.
Daymond John then inquired about the product’s cost and retail pricing. There, Kobe revealed that it cost him 26 cents to make each unit, which he sold for $5. After, Kevin O’Leary asked about this year’s sales and revenue. Kobe confidently shared that his sales would reach between $3 million and $4 million, with about $700,000 in revenue.
Next, Mark Cuban then questioned why Kobe wanted a partner. At that moment, Kobe explained that he needed a strategic partner to provide guidance and support, especially in improving distribution. However, Guest shark Kendra Scott felt this business wasn’t the right fit for her and exited the negotiation.
Lori Greiner acknowledged Kobe’s hard work and success but decided it wasn’t a suitable investment, so she also chose not to invest. Mark Cuban also felt he couldn’t add enough value to the business and chose not to invest. Then, Daymond John also decided to step out, saying he wasn’t interested in joining this venture. But, Kevin O’Leary offered Kobe $300,000 for 20% equity in the company.
However, Kobe countered Kevin’s offer by proposing $300,000 for 10% equity. Kevin then adjusted his offer to $300,000 for 15% equity. After considering it, Kobe declined the offer, explaining that he couldn’t give up that much equity. Ultimately, he left the show without securing a deal.
| Company Name | Kobee’s Lip Balm |
| Founder | Kobe Harris |
| Business | A skincare brand that focuses on natural ingredients and eco-friendly packaging |
| Episode | Season 16, Episode 03 |
| Asked Deal | $300,000 for 6% equity |
| Final Deal | No Deal |
| Sharks | No Sharks |
Summary of the Sharks’ Deal
| Shark | Offer | Counteroffer |
| Kevin O’Leary | 01 – $300,000 for 20% equity 02 – $300,000 for 15% equity | $300,000 for 10% equity |
| Mark Cuban | No | N/A |
| Lori Grinear | No | N/A |
| Daymond John | No | N/A |
| Kendra Scott | No | N/A |
What Happened to Kobee’s Lip Balm after Shark Tank?
As of November 2024, Kobee’s Lip Balm is still in business. After appearing on Shark Tank, Kobee’s experienced a sharp increase in sales. Also, shortly after filming, the founder introduced a new product which was SPF 15 lip balm, priced at $9. This lip balm not only moisturizes but also protects lips from UV damage.
Beyond lip care, the company expanded its range to include other skin-nourishing products. These include the $18 Cuticle Butter, $12 Hand Salve, $24 Overnight Lip Mask, $12 Lip Scrub, and $10 Lotion Bar. These new products address a variety of customer needs, giving people more natural personal care options to choose from.
Although Kobe Harris didn’t secure a deal on Shark Tank, his appearance became a turning point for Kobee’s Lip Balm. Many viewers appreciated the brand’s focus on natural ingredients and sustainability, encouraging them to try the products.
Currently, the company continues selling products online through its website and Amazon. Also, using platforms like TikTok and Facebook, the founder expanded his reach to more customers, hoping the business would grow further. Moreover, the entrepreneur’s focus on customer feedback and sustainable innovation has kept the company on a steady path of success.
The brand also supports environmental causes by donating part of its profits to organizations like One Tree Planted, The Alliance for the Great Lakes, and Our Children’s Earth Foundation.
Kobe Harris Founder
Kobe Harris founded Kobee’s in June 2019 to create a compelling, eco-friendly lip balm. Frustrated by the synthetic ingredients in many commercial lip balms, he made his own using only natural ingredients. What started as a personal project soon became a successful business as friends and family praised his products.
He began studying General Finance at Loyola University Chicago in 2018. Between 2019 and 2020, he gained experience through internships at ARIA Resort & Casino and Morgan Stanley. Kobe Harris’ net worth is unknown as of 2024.
Kobee’s Lip Balm Achievements and Awards
| Year | Achievements and Awards |
| 2024 | The company was featured on Shark Tank Season 16 |
Conclusion
Shark Tank is a TV show showcasing different business ideas, helping them succeed. Kobee’s Lip Balm was one of the ventures featured on the show. Despite losing the deal, the company showed that success is possible with the right idea and execution. Now, we eagerly await to see how their success story unfolds in the future.
Before you leave, check out the other company updates in Season 16, Episode 03.
- Yardsale Net Worth 2024 Update & Their Shark Tank Pitch!
- Sugardoh Net Worth 2024 Update & Their Shark Tank Pitch!
- Doatnut Net Worth 2024 Update & Their Shark Tank Pitch!
