Kobe Bryant-backed startup raises $6 million, intends to be the 'Nike of Skincare Market'

In 2018, late NBA legend Kobe Bryant co-founded a skincare company Art of Sport along with former Honest Company co-founder Brian Lee and businessman Matthias Metternich. Most recently, Dallas Mavericks owner Mark Cuban joined others in funding the Art of Sport during a funding round led by CircleUp Growth Partners. As per recent reports, the company raised $6 million, and is expected to see a 600% growth by late 2021. 

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Kobe Bryant startup: Art of Sport raises $6 million from various investors

This week, Art of Sport announced that they have closed their funding round aimed for retail expansion. Apart from Mark Cuban, NBA's Wilson Chandler, Lightspeed Venture Partners, Darco Capital and Bam Ventures have also joined their team as external investors. As per reports, the team is looking to expand their business by signing more retail partners in 2021.

As of now, they sell online on Amazon, their own site, and Target. According to Forbes, Art of Sport is looking to achieve in skincare what Nike has in apparel. 

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Bryant, who invested in them two years ago, also played an important role in shaping in the brand's identity. Bryant invested through his firm – Bryant-Stibel. The brand's body washes, shampoos, and deodorants – Compete, Rise and Victory – have been named after Bryant. After the Lakers legend, Houston Rockets star James Harden also invested in the brand as a partner. 

NFL's JuJu Smith-Schuster, X-Games gold medalist Ryan Sheckler, motocross racer Ken Roczen, World Series Champion Javier Baez and Abby Dahlkemper are other athletes associated with the brand. According to Metternich, Kobe Bryant said he "completely" understood their playbook, and saw potential in them as the "next generation skincare brand of choice." As per Forbes, Brian Lee (who has launched Honest Company), ShoeDazzle, Legal Zoom and Metternich formulated a plan for Art of Sport before approaching Bryant with it. 

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The brand now has a special page on Amazon, and began selling in Target in February. Before the COVID-19 pandemic began, they even distributed products at in-person sports events. According to Metternich, investors showed interest after they joined hands with Target and Amazon.

While they are yet to reveal who their new partners will be, they want to make a six-fold increase, which will also include some "speciality retailers". As per Metternich, deodorant and body wash are still bought in stores majority of the times, even during the pandemic. 

Art of Sport products are made in the USA, while using lesser chemicals and more natural ingredients. They aim for a price ranging preferable to most ($10 or less). As of now, 14 of their products are sold in Target. In a 2018 interview with Women’s Wear Daily, Bryant revealed that he liked their products and believed he could contribute to the business in valuable ways. 

Art of Sport Kobe Bryant investment was announced two years ago

My mentality is to always rise and compete. That's why I'm a founding partner of Art of Sport – a new brand helping all athletes feel and perform their best through performance-driven body care. Proud of this team. Proud of this challenge. #ArtOfSport #BornForMore #MambaMentality pic.twitter.com/yifXJ2tkSc

— Kobe Bryant (@kobebryant) October 3, 2018

While talking to Sports Illustrated's Ben Golliver, the five-time NBA champion stated that the products should also benefit people in an emotional and inspirational way. "I get up at 4 a.m. and get to work," Bryant added. "That same competitive spirit is what we're trying to do with this brand." Bryant, his 13-year-old Gianna, and seven others passed away in a helicopter crash on January 26. 

Also read | Vanessa Bryant to inherit late husband Kobe Bryant's $200 million BodyArmor share

(Image credits: Kobe Bryant Twitter)