Although the brand has played well on the coasts, heartland states have been slower to embrace it. Awareness of Honest overall nationwide -- when prompted -- hovers around 35 percent, according to a survey Honest commissioned. The next big push comes this fall when the company begins selling hair care products -- its third category.
Honest has also hired Laurence Dryer to head product development and innovation. She previously developed brands and formulations for Valeant Pharmaceuticals, Obagi Medical Products, Neutrogena and others.
The company's next category could be nail care, according to Lee. Liew said the focus is on continuing to introduce more products in the U.S. and learning to behave like a public company. Honest established internal controls including audit and compensation committees more than a year ago, he said.
Eric Liaw, a general partner at Institutional Venture Partners and also on the Honest board, said he also has no interest in going public prematurely.
"Honest is a stock I personally could hold for 10 years, 15 years or maybe longer. The category and growth is that large," he said.