Can Kim Kardashian help an energy drink break through a crowded market?

Throughout Kim Kardashian’s two-decade career in the public eye, the reality TV star’s entrepreneurial endeavors have included shapewear clothing brand Skims, makeup brand KKW Beauty, cofounding a private equity firm, and a super popular mobile game.

But with her latest venture, Kardashian is stretching her mogul credentials into beverages, which has been familiar terrain for celebrities. She has become a “cofounder” of the energy drink company called Update. Though the startup has existed...