Toor, a company that makes smart lockboxes, was featured on Season 8 of Shark Tank. They got a lot of attention and some investment offers from the show. However, they haven’t been able to keep up that early success. In this blog post, we’ll explore Toor’s story, their appearance on Shark Tank, and what has happened to them since then.
TOOR Overview
Toor is a smart lockbox designed to make home showings easier for buyers and sellers. It allows users to schedule showings with or without a real estate agent. The founder, Junior Desinor, had high hopes for his product when he pitched it to the Sharks.
On the show, Desinor asked for $500,000 in exchange for 10% equity in his company, valuing Toor at $5 million. Despite having no sales at the time, Toor had already raised over $100,000 on Kickstarter, showing there was interest in the product.
Toor Shark Tank Update
So what happened to Toor after their appearance on Shark Tank? Unfortunately, things didn’t go as well as Desinor had hoped.
During the show, Kevin O’Leary and Barbara Corcoran offered Desinor $200,000 for 10% equity plus a $300,000 loan at 18% interest. However, after the cameras stopped rolling, the deal never actually closed.
In 2018, Toor started shipping their lockboxes and partnered with companies like Touch of Modern and Umber Realty. But the company’s progress stalled soon after.
As of December 2023, Toor is no longer in business. Their website is unresponsive and no new updates or sales have been made. Over its lifetime, Toor reportedly only made $9,000 in sales, indicating the product never really took off.
The founder, Junior Desinor, has since moved on to other business ventures, including running a CBD store in Dallas.
Toor’s Pitch On Shark Tank
Junior Desinor entered the Tank with a bold proposition – a smart lockbox that could revolutionize the real estate industry. He asked for $500,000 in exchange for 10% equity in his company, valuing Toor at an impressive $5 million.
Barbara and Kevin were intrigued by the concept and offered Junior $200,000 for 10% equity, plus a $300,000 line of credit. It seemed like a dream come true for the young entrepreneur. But as we’ll see, things didn’t quite go according to plan.
Post-Shark Tank Journey
After the show aired, Toor got to work fulfilling pre-orders from their successful Kickstarter campaign. They even partnered with Touch of Modern in 2018 to ship out the lockboxes to eager customers.
However, despite these initial efforts, Toor struggled to gain traction in the market. The deal with Barbara and Kevin never actually closed, leaving Junior without the capital and support he needed to scale the business.
Current Status Of Toor
Fast forward to 2023, and it appears that Toor is no longer operational. Their website is unresponsive, and the product isn’t available for purchase anywhere online. Social media and LinkedIn pages for the company show no recent activity, further indicating that Toor has shut down.
Sadly, reports suggest that Toor only made around $9,000 in total lifetime sales. This is a far cry from the $5 million valuation Junior proposed in the Tank.
As for Junior himself, he’s moved on to other ventures. He and his wife opened a CBD store in Dallas, and while he still lists Toor on his LinkedIn, he’s no longer actively involved in the business.
Conclusion
Toor’s story shows how tough it can be for startups to succeed. Even though they got a lot of attention and offers on Shark Tank, things didn’t work out as planned. The company struggled to keep up its early momentum and eventually shut down by late 2023. Toor’s experience reminds us that starting a business can be unpredictable, and having a great idea isn’t always enough to guarantee success.
