Nohbo, a company backed by billionaire Mark Cuban on Shark Tank, has completed a $3M in a Series Seed funding round. Material Impact, a venture capital firm that invests in novel materials that can be used to grow a business and Safer Made, a firm the invests in ways to make existing products safer, led the round. Cuban also participated in the round and added to his initial investment.

Nohbo is combating excess plastic bottle waste with the first-ever, single-use, dissolvable personal care drops for shampoos, conditioners, body washes, and shaving creams. The firm aims to eliminate plastic bottles from the beauty and personal care industry.

Nohbo Products and Capital Plans

Currently, they are selling online. They offer NOHBO Drops that are single-use, water-soluble pods containing shampoo, conditioner, body wash, or shaving cream. The drops melt when they hit the shower or bathwater.

Meanwhile, the outbreak of Corvid-19 has caused their melt-away soap slips to face several weeks of backorders.

The capital will allow Nohbo to increase its production capacity to 15 million units a month. The firm is moving from just selling online to adding consumer subscriptions. It is also developing business-to-business partnerships with leading Fortune 500 consumer products brands.

When he made the initial investment during the filming of Shark Tank, Mr. Cuban said they were excited about this company’s prospects and thought it might become a $100 million business. The fight against the coronavirus and increased production capability could make that a reality faster than he initially imagined.

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