Zoom Interiors Shark Tank Net Worth
During their appearance on Shark Tank, the owners of Zoom Interiors were seeking $100,000 for a 20% stake in their business, which would value the company at $500,000.
However, they ultimately accepted a different offer from Barbara, who was willing to invest $100,000 for a 33% stake, valuing the company at $303,030.30.
Despite initially agreeing to this deal, it ultimately fell through, and the owners of Zoom Interiors were forced to pursue other opportunities to continue growing their business.
What are Zoom interiors and Who Founded Zoom Interiors?
Zoom Interiors is an online interior design service that offers affordable and stylish interior design solutions.
The company was founded by three former George Washington University students: Madeline Fraser, Elizabeth Grover, and Beatrice Fischel in 2012.
Their goal was to make interior design accessible to everyone, regardless of their budget, by delivering it entirely online. They also provide an app that allows users to visualize how a room or interior area would look with different design elements.
To use the app, the homeowner answers a series of questions, and the software generates algorithms for the design components, such as furniture placement and arrangement.
If the customer is not satisfied with the outcome, they can request a follow-up appointment directly. Zoom Interiors also provides free design assistance and sells the products they recommend as part of the design.
The founders of Zoom Interiors are passionate about interior design, and they always enjoyed helping other students at the university design their living spaces on a tight budget.
They realized that there was a need for affordable interior design services for younger consumers with limited finances, which led them to conduct informal design trials by assisting friends with room design and furniture selection.
Through this experience, they learned that there was a demand for such a service that they could offer at an affordable price. They took advantage of the high costs associated with employing an interior designer and created a free app that allowed low-income individuals to receive free interior design services.
In summary, Zoom Interiors is an innovative online interior design service founded by Madeline Fraser, Elizabeth Grover, and Beatrice Fischel-Bock, which provides affordable and accessible interior design solutions to everyone.
Zoom Interiors Shark Tank Pitch
On May 7th, 2015, Lizzie Grover, Beatrice Fischel-Bock, and Madeline Fraser pitched their virtual interior design company, Zoom Interiors, on Shark Tank Season 6, Episode 28.
They were seeking $100,000 for a 20% stake in the business, which indicates a value of $500,000. During the pitch, they guided the Sharks through a Zoom design survey on a large-screen TV and demonstrated their concepts before and after.
The Sharks were curious about how the company made money, and the founders revealed that they generated $186,000 in revenue in their first year, but only earned $3,000.
They made the majority of their money by selling products that they recommended as part of their design services. The Sharks were concerned that the business was too time-consuming and that it would be difficult to scale.
After some debate, Barbara Corcoran offered to invest a third of the business in exchange for 33% of the software, and the three founders unanimously agreed to accept the offer. However, the deal was never completed, and the founders continued to work on their business.
One year after their appearance on Shark Tank, the company changed its name to Homee and raised $7.2 million with the help of Tinder co-founder Sean Rad. The home was an app that allowed users to design their own spaces, and it was successful in the growing online interior design industry.
However, Homee later rebranded as Hutch and strayed from its initial objective. The software was revamped to be more visually appealing, and the company ceased operations in 2020. Despite the setback, the founders of Zoom Interiors/Homee/Hutch have moved on to pursue other endeavors.
Zoom Interiors Net Worth
The owners were seeking $100,000 for a 20% stake in the business. This indicates a worth of $500,000. They accept an offer from Barbara of $100,000 for 33% thus valued at $303,030.30 but the deal fell through.
Zoom Interiors Competitors
Unknown.
Zoom Interiors FAQS
What is Zoom Interiors?
Zoom interiors is a design service that gives you access to professional interior designers for free. They offer interior design consultations for free, but then ask for a small fee in return.
What is the app called?
Hutch but Out of business.
How do they find Zoom Interiors?
Out of business.
Where can they purchase Zoom Interiors?
Out of business.
How much is Zoom interiors?
Out of business.
Who is the founder of Zoom Interiors?
Beatrice Fischel-Bock, Madeline Fraser & Lizzie Grover.
When will Zoom Interiors be completed?
The business is out of business.
Who founded Zoom Interiors?
Beatrice Fischel-Bock, Madeline Fraser & Lizzie Grover.
How many employees does Zoom interiors have?
Out of Business.
What happened to zoom interiors?
‘Zoom interiors,’ renamed as ‘Homee,’ and renamed as ‘Hutch,’ is a Los Angeles-based online interior design service. They assist individuals in transforming their living areas on a shoestring budget with their services.
What happened to zoom interiors after shark tank?
Sean Rad, co-founder of Tinder, was pleased with the show. He contacted one of the co-founders, CEO Beatrice Fischel-Bock, through Facebook following the program.
A year after Rad’s arrival, the firm rebranded itself Homee and raised $7.2 million with his support.
How much did zoom interiors raised after the Shark Tank?
Zoom Interiors raised approximately $7.2 million from different investors.
How were they making money?
The design services were free, they were making their money on the back-end by selling you the items they recommend.
Where did they get the idea?
They always liked assisting other students at the institution with designing their little homes on a budget. They then recognized a demand for affordable designers for younger consumers with limited finances.
As a result, they began conducting informal design trials by aiding friends with room design and counselling them on furniture selection.
They learnt from this experience that they might succeed with such a firm on a shoestring budget.
What were strengths of Zoom Interiors?
They assisted with space planning, were able to manage the client journey and were proficient at interior decoration and advising.
What were weaknesses of Zoom Interiors?
They might have lacked on the software functionality and spending too much time planning.
Where were their office located?
They were located in Los Angeles, California.
