Kisstixx Shark Tank Update in 2023: Where Is The Lip Balm Company Now
KissTixx is a unique lip balm brand that made a memorable appearance on the hit TV show Shark Tank. It left audiences intrigued and smitten with its innovative product.
Founded by two visionary entrepreneurs, Mike Buonomo and Dallas Robinson, KissTixx embarked on a journey. It would not only captivate the hearts of consumers but also secure a memorable spot in the annals of entrepreneurial history.
Read on to learn more about the KissTixx Shark Tank update. This will include their net worth and how the company’s sales revenue was impacted by the founder’s appearance on Shark Tank.
KissTixx Shark Tank Profile
Here is a table showing a breakdown of the KissTixx company profile.
| Company Name | KissTixx |
| Founders | Dallas Robinson and Mike Buonomo |
| Founded | 2012 |
| Product | Lip balm packaged in two compatible flavors. |
| Headquarters | Orem, Utah |
| KissTixx Shark Tank Episode | Season 3 Episode 7 |
| Airing Date | March 2, 2012 |
| Asked Investment For | $200,000 for a 20% stake |
| Final Deal | $200,000 for a 40% stake |
| Sharks | Mark Cuban |
| Business Status | No longer in business |
| Website | Kisstixx |
| Business Valuation | USD 1 Million |
| Purchasing Product | Buy on Amazon |
| Watch On | Amazon Prime Video |
How Was KissTixx On Shark Tank?
Mike Buonomo and Dallas Robinson stepped onto the Shark Tank stage with a bold request. They were asking for $200,000 in exchange for a 20% stake in their unique lip balm venture. Their compelling pitch left viewers curious about the story behind this intriguing product.
The founders shared a delightful backstory, revealing that their journey began in college at Utah Valley. It was during these formative years that the concept of KissTixx lip balm began to take shape.
The pitch then took an unexpected turn when Mike and Dallas decided to put their product to the test. They urged Barbara Corcoran and Kevin O’Leary to share a kiss while wearing their flavored lip balm. This lighthearted moment added a touch of humor to the proceedings, leaving both sharks and viewers amused.
The founders also revealed that they had achieved sales of $80,000 in the year leading up to their Shark Tank appearance. This impressive figure hinted at the potential of their unique lip balm.
Despite their intriguing product and growing sales, Barbara Corcoran was the first shark to bow out, opting to trust her instincts over the lip balm’s flavors. Kevin O’Leary followed suit, believing the company’s valuation didn’t align with his investment criteria. He could not see how the company had an outrageous million dollar valuation, with such little sale.
However, just when it seemed like all hope was lost, Mike and Dallas unveiled a game-changing contract with Walgreens involving an inventory order worth a staggering $540,000. This revelation piqued the interest of Mark Cuban, who offered $200,000 for a larger 40% stake in the company but as a “forever investor.”
With no other sharks willing to bite, the founders accepted Mark Cuban’s offer. This sealed the deal, helping them secure the backing they needed to take KissTixx to the next level.
What Happened To KissTixx After Shark Tank?
Following their triumphant appearance on Shark Tank, the company KissTixx after Shark Tank, experienced a meteoric rise in sales.
They sold an astonishing 5,500 units of their product, and the surge in demand even temporarily crashed their website. This was a testament to the immediate impact the show had on their business.
In the summer of 2012, KissTixx also distributed over 4,000 samples to distribution centers worldwide. This expanded their reach and introduced their unique lip balm to an international audience.
The investment from Mark Cuban also provided the necessary capital for KissTixx to fulfill their sizable order from Walgreens. This strategic partnership allowed their products to be available in 7,500 stores across the United States, significantly boosting their revenue.
Mark, known for his sharp business acumen, even praised KissTixx as one of the best investments he had made on Shark Tank to date. His unwavering support played a pivotal role in the company’s growth.
Although absent during the initial pitch, Lori Greiner was not to be left out. She not only promoted the product but also designed her own flavor, aptly named “Two in One Lip Balm.” Her endorsement further solidified KissTixx’s standing in the market.
Finally, Danielle Peck, a country music artist, also used her fame for KissTixx by assisting them in the launch of a new website. Regrettably, the KissTixx update takes a somber turn in this section. The company KissTixx today is no longer operational as a business.
Mike Buonomo, one of the co-founders, departed the company in the early months of 2016. He has since shifted his focus to E-Simplified, a strategic content provider tailored for aspiring entrepreneurs. Mike’s departure marked a significant shift in the company’s leadership.
Two years later, in 2018, Dallas Robinson made the painful decision to shut down KissTixx. He has since taken on a new role as an executive VP at The Kokua Project, an organization dedicated to raising funds to support and protect children and their futures.
The demise of KissTixx serves as a poignant reminder of the challenges and uncertainties that often accompany entrepreneurial endeavors.
KissTixx Net Worth
Even though the company had issues with the business valuation they had while pitching on Shark Tank, the increased sales also led to the company’s increased net worth over the years. Here is a table showing you the company’s net worth from 2012 to 2015.
| Year | Estimated Net Worth |
|---|---|
| 2012 | $1,000,000 |
| 2013 | $5,000,000 |
| 2014 | $20,000,000 |
| 2015 | $1,000,0000 |
The company’s valuation experienced dramatic fluctuations during this period, reflecting both its successes and challenges.
KissTixx Sales Data
Here is a closer look at KissTixx’s sales data, which reveals the company’s growth trajectory.
| Year | Sales Revenue |
|---|---|
| 2012 | $80,000 |
| 2013 | $167,000 |
Conclusion
In the ever-evolving landscape of entrepreneurship, the KissTixx Shark Tank update remains a captivating and instructive tale. From its inception in a college dorm room to a memorable appearance on Shark Tank, KissTixx captured the imagination of many. The partnership with Mark Cuban and their subsequent success showcased the potential of innovative ideas.
However, the story of KissTixx also underscores the volatility of the business world. Despite initial success and strong support, the company ultimately faced insurmountable challenges, leading to its closure.
As we bid farewell to KissTixx, we are reminded that the world of entrepreneurship is filled with both triumphs and setbacks. It’s a world where innovative ideas can flourish, but success is never guaranteed.
![XCraft Shark Tank Update [From Pitch to Rising Success]](https://sharktanksupdate.com/wp-content/uploads/2023/06/XCraft-Shark-Tank-Update-768x432.jpg)
