Toor Shark Tank Update | What Happened to Toor after Shark Tank?
What is Toor?
Toor Smart Lockbox is a useful exterior security feature that allows you to safely keep your house keys secure while allowing access to authorized users via a smartphone app request and invite to open the box.
So, even if you’re on vacation or away on business, if you have a regular house cleaning or pool service, you can still provide them approved access to your property while monitoring updates on your phone from anywhere in the globe.
It’s also perfect for homeowners who rent out their houses on Airbnb to vacationers. Toor’s creator and CEO is Junior Desinor. His parents, who were born in Haiti, migrated to Texas when he was a child in hopes of a better life.
Toor made its market debut in 2018, coupled with e-commerce collaboration and a real estate client. Junior has now invested in and co-founded an oil company named City Natural with his wife.
Who is the founder of Toor?
Junior Desinor is the founder and CEO of Toor. His parents, who were born in Haiti, migrated to Texas when he was a child in hopes of a better life.
Junior’s company concept was inspired by his real estate days, when he pondered the ease of allowing potential buyers to view your house without the presence of a real estate agent to open the door.
Toor aims to level the playing field by integrating its smart lockbox and accompanying software. Buyers may use the app to book house showings without the presence of a realtor.
If a seller demands the presence of a realtor, the technology allows for online, on-demand booking. Sellers know who’s been in their house, when they were there, and how long they remained because all users must register when downloading the app.
Sellers and realtors may also schedule specified showing times, reducing the number of unscheduled showings.
The Toor app is also useful for realtors. It combines all local MLS listings, removing the need for several applications. When realtors are soliciting properties, using technology has been shown to enhance showings a strong marketing strategy.
Desinor, a seasoned real estate agent, launched the company in May 2016 by raising $100,412 on Kickstarter.
He promises to manufacture the lockboxes in the United States. He’s finished the design but hasn’t made any boxes yet.
What Happened to Toor at Shark Tank pitch?
Junior Desinor wants to change the way people look for real estate with Toor, his smart lockbox that allows buyers, sellers, and agents to efficiently schedule home tours.
In Shark Tank episode 8 seasons 8, Junior asks for a Shark to help fund production and make connections in the real estate industry.
Junior enters the market asking $500,000 for a 10% stake in his firm, which is worth at $5 million.
He shares his narrative and makes his pitch before inviting Barbara onstage. He demonstrates how it works before taking questions.
Kevin is curious about what happens if a person fails to return the key: the seller is alerted. Lori expresses anxiety about unaccompanied minors on her property. The seller may request the services of an agent.
Kevin inquires about sales, noting that the only sales he has are from Kickstarter. That equates to pre-sales of 800 boxes. Junior built them for $50 and sells them for $199.
Chris becomes irritated when asked whether this is new technology. Lori is the first Shark to exit, claiming that it was “too early.” Kevin offers $100,000 for 10% equity shares and $400,000 for 18% interest.
At this moment, Mark admits that he knows little about the real estate business and goes out. Barbara expresses an interest in joining Kevin on the deal if the product is placed in the hands of a significant store.
Barbara would make introductions and Junior would sell it. Chris exits at this point. Junior counters with $250,000 in exchange for 10% equity shares and a $250,000 loan. They ultimately agree on $200,000 for 10% equity and a $300,000 line of credit. Junior eventually fled the pitch with a deal.
What Happened to Toor after Shark Tank?
The deal with Barbara and Kevin never closed after being secured during the pitch. Junior began shipping boxes in 2018 and collaborated with Touch of Modern.
On his Linkedin page, he still lists the firm as open, although it does appear that he’s selling any lockboxes as of December 2021 with annual revenue of $600,000.
Competitors of Toor
The primary competitors of Toor are; Dallas Safecracker LLC, Zixcorp Systems, Inc. and Zix Corporation.
Net Worth of Toor
The company valuation was $5 million during the pitch, after the investment done by two Sharks the company valued at $2 million.
Since then the company has $600,000 in yearly sales in 2021. This justify that the net worth of the company might had increased.
Toor FAQs
What is Toor?
Toor is a smart lockbox that allows users to see whether or not they have been granted access to the property.
Who is the inventor?
Junior Desinor is the inventor of Toor.
How much was asking on Shark Tank?
Junior Desinor asked for $500,000 for a 10% stake in his company, which is worth at $5 million.
Who was the first to invest?
Kevin O’Leary and Barbara Corcoran were first investors in Toor.
How much did they invest?
They invested $200,000 for 10% equity shares plus $300,000 in line of credit.
Is Toor still in business?
Yes, Toor is still in business with annual sales of $600,000.
Is Toor safe to use?
Yes, Toor is safe to use.
Does Toor come with a warranty?
Yes, Toor comes with a warranty.
How much does Toor cost?
Toor costs $199 for the lockbox and key. The lock box comes with an optional key fob for $19.99 each.
What are the benefits of using Toor?
The primary benefit of using Toor is convenience and functionality as it only requires a simple install of the app on iOS or Android devices to start using it.
What Makes This Product Unique?
Toor is an application that allows users to view properties without any key and also keeps tracks of who enters their property and when they enter their property.
Where is it manufactured?
It’s manufactured in China and the United States. Toor is manufactured in the US.
How many times can someone use Toor?
The daily limit set by the app is 12, with 30-minute intervals during which no one is able to use the lockbox.
What is the return policy of Toor?
Toor offers refunds within 10 days of the purchase.
What are the payment methods of Toor?
Toor has three payment methods; Visa, MasterCard and American Express.
Who are the dealers who sell Toor?
Toor is sold by several dealers; Amazon, Home Depot and Lowe’s
What is the net worth of Junior Desinor?
Junior Desinor net worth is unknown.
