Kobe Harris, a young entrepreneur, got the idea to create natural lip balm and personal care products while attending Loyola University Chicago. He borrowed $200 from his mom to buy raw materials from Amazon. After three months of testing, he founded KOBEE’S, a company that makes all-natural lip balms using ingredients like beeswax, coconut oil, sunflower seed oil, and mango butter. KOBEE’S also sells other products such as lotion bars, lip scrubs, cuticle butters, and hand salves.
Harris appeared on Season 16 of Shark Tank, seeking $300,000 for 6% equity in his company, valuing it at $5 million. Kevin O’Leary was interested in investing, but Harris refused to give up more than 10% equity. Despite not securing a deal, KOBEE’S has continued to grow successfully.
| Company Name | Kobee’s Lip | |
| Founder | Kobe Harris | |
| Founded | Jan 2019 | |
| Product | Personal Care Products | |
| Asked For | $300K for 6% equity | |
| Final Deal | No Deals | |
| Sharks | No Sharks | |
| Episode (Shark Tank USA) | S16 E3 | |
| Air Date | Nov 1st, 2024 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | Henderson, Nevada, USA | |
| Lifetime Worth (Sales) | $6 Million *estimated | |
| Valuation | $5 Million | |
Who Is The Founder Of Kobee’s?
Kobe Harris founded KOBEE’S Lip Balm Company in 2019 while he was a student at Loyola University Chicago.
During this time, he balanced his studies with his business and also worked part-time jobs, including as a lifeguard at the ARIA Resort & Casino and as a wealth management intern at Morgan Stanley for four months.
How Was The Shark Tank Pitch Of Kobee’s?
Kobe Harris explained to the Sharks that his personal care products, made from natural ingredients, are currently sold directly to consumers through his website and Amazon. He shared that during the first summer of his business, he achieved $3,000 in sales in a single day.
A month later, he reached $10,000 in daily sales. By 2022, his annual sales were $200,000, which increased to $864,000 in 2023. In 2024, he had already surpassed $1.5 million in sales, with expectations to reach $3.5 to $4 million by the end of the year, projecting a net profit of $700,000 to $800,000.
Harris attributed the boost in sales to his successful social media advertising, particularly on platforms like Facebook and TikTok, where he reported a return on ad spend (ROAS) of 2.5 to 3.
His customer acquisition cost was between $14 and $15, while the average order value was $32. He noted that 75% of his sales come from lip balms, with the remaining 25% from other personal care products.
Kendra Scott praised Harris but decided not to invest, feeling it wasn’t the right fit for her. Mark Cuban asked why Harris needed a partner, and Harris replied that he needed guidance to enter the retail market.
Lori Greiner believed scaling the product in retail would be too challenging and opted out. Mark Cuban felt he couldn’t add value to the business and also declined. Daymond John didn’t see it as a business he could invest in and passed as well.
Kevin O’Leary was interested and offered $300,000 for 20% equity, but Harris refused to give up more than 10%. Kevin countered with a 15% equity offer, which Harris still declined. Despite not securing a deal, Harris left the Tank confident in his business’s potential.
Breakdown Sharks Offer
Note: Here’s a quick summary of the offers and counteroffers between the Sharks and Kobe Harris:
| Sharks | Offers |
| Kevin O’Leary | $300k for 15% equity |
| Kendra Scott | No Offer |
| Mark Cuban | No Offer |
| Daymond John | No Offer |
| Lori Greiner | No Offer |
| Founder’s (Countered) | $300k for 10% equity |
| Final Deals | No Deals |
Kobee’s Lip Balm Shark Tank Update
The appearance on Shark Tank had a significant impact on Kobee’s Lip Balm sales. By 2024, the company had successfully achieved $4 million in annual sales. Kobe Harris is now fully focused on his business, leveraging social media to run paid ads and achieve a better return on ad spend (ROAS).
Currently, each lip balm is priced at $5 and comes in a variety of flavors, including beeswax, mango, watermelon, lime, lemon, strawberry, coconut vanilla, Mai Tai Punch, Pina Colada, peppermint, and passion fruit.
Additionally, the company offers a lip scrub for $12 and an overnight lip mask for $24. They have also introduced bundle packs with different price ranges to cater to a broader customer base.
What Is Kobee’s Net Worth?
The beauty and personal care products market is vast, valued in billions of dollars. Lip balm is a small but significant part of this market, with a global size exceeding a billion dollars. The market has strong growth potential. Assuming an average market growth rate of 6.8%, Kobee’s net worth could be estimated at around $5.3 million.
