Toor, the company that makes fruit-infused water, was one of the most successful businesses to appear on Shark Tank. They landed a deal with Mark Cuban and Lori Greiner that gave them a $ 200,000 investment in return for a 25% stake in the company. But what happened to Toor after Shark Tank? Did they continue to grow and make money? In this article, we will answer all of your questions about what happened to Toor after their appearance on Shark Tank!
Toor Before Shark Tank
Toor made it possible for realtors, contractors, and other service providers to connect with homeowners and schedule everything in an easier way. Basically what Toor is – is a smart lockbox that can be attached to a door and programmed in a way to alert the realtor who wants to access the property, so the client can check it out and decide whether he/she wants to allow access or not anytime. Realtors can set specific showing times and sellers can monitor how many people perused their property. And you can have online meetings too, so no need to appear in person for the showing as a realtor.
All users need to install an app on their phone and create an account in the process, this allows for a secure way of communication with the customer to confirm access and also alert them if something unexpected happens. The app also has all the MLS data for your area so you can find what you need without any hassle.
The creator behind this invention is Junior Desinor. Junior wanted to change people’s opinions on real estate as a whole and make it more accessible to everyone. For over a decade, Desinor has been offering real estate services and he sees his company as the new benchmark in this industry. Real estate agents, buyers, and sellers will all benefit from the ease of access that this initiative creates. But it doesn’t stop there – home inspectors, contractors, and Airbnb guests are also welcome to experience its convenience.
The product safely keeps both the keys and the sensor safe, and it can be used for both short-term and long-term purposes. Whether one wants to view the property or inspect it, everything will be done in a safe and secure way. The app is also incredibly detailed in its features, allowing users to adjust settings, view the property remotely, and get notifications.
To make his dream a reality, he sought the assistance of an investor from Shark Tank to secure additional funds for mass production. How did it turn out? Let’s review! [1] [2] [3]
How Was The Shark Tank Pitch Of Toor?
Junior strides in and requests $ 500,000 for 10% of his company. He passionately recounts the story behind his business before inviting Barbara onto the stage to hear more about it. He demonstrates its practical applications and answers any queries from the audience. Kevin wonders what happens if a person doesn’t return the key after using it. Junior explains that once a key is removed from the box, both parties will receive an alert notification.
Lori is apprehensive about allowing strangers to access her property without taking the necessary precautions which is a sound thing to worry about. Junior reassures her that a real estate agent can be hired for surveying and inspection purposes.
Now the sale topic gets brought up by Kevin, so far Junior is yet to sell any boxes, however, he has some clients already in the pipeline. He got 800 pre-sales from the Kickstarter campaign and plans to use that to fund his manufacturing costs. With an affordable $ 50 investment, he is able to create products that are then sold for a hefty profit of $ 199.
Chris appears to have some reservations about the novelty of this concept. Lori is quick to declare that it’s too premature for her. Kevin then presents a $ 100,000 investment in exchange for 10% equity and a loan of $ 400,000 with an interest rate of 18%. At that moment, Mark admitted his lack of knowledge in the real estate industry and that he won’t provide enough value, thus he leaves the offer on the table.
Barbara expressed a desire to collaborate with Kevin on the deal, pending that they can get Junior’s product into one of the larger retailers. Junior proposes settling for $ 250,000 in equity with an additional loan of $ 250,000. Ultimately, they agree to a $ 200,000 investment with 10% equity and an additional $ 300,000 line of credit. [2] [3]
What Happened To Toor After Shark Tank?
As we can see, the Shark Tank pitch turned out to be a success for Junior and his company. After appearing in the show, he gained immense publicity, allowing him to close more deals and expand the business.
Shark Tank helped the product’s sales. After the show aired, Toor got plenty of exposure and soon started selling the lock boxes. Junior partnered with Touch of Modern back in 2018, resulting in an increase in sales and interest. However, this wave of success wasn’t long-lasting.
Junior still has Toor listed as open on his Linkedin page, indicating that he is still working on the project. In 2020, his dreams of owning a business with his wife came to fruition when they opened a CBD store in Dallas.
At this point in time, we can only hope that Junior will be able to revive his company one day. After all, he had a great idea and brought it to life through sheer hard work and enthusiasm. He deserves all the success in this world! Until then, let us wish him all the very best in his future endeavors. [2] [3] [4] [5]
Toor Net Worth
While we can’t provide you with an exact Toor net worth, we can offer some insight into the company’s performance prior to going off the radar.
At the time of their Shark Tank debut, Toor was estimated to be worth a whopping $ 2 million. But as you now know the current state of the company, their net worth has plummeted significantly.
It’s safe to say that Toor is not a major player in the real estate industry anymore. With no new products being released and a lack of significant investments, it’s unlikely that this company will reach the heights it used to achieve before its disappearance. [3]
FAQ
Who invented Toor?
Toor was invented by Junior Desinor, a young entrepreneur with a passion for turning around the real estate industry. Toor was born out of a desire to make real estate transactions easier and more transparent. Desinor had the vision to create an online platform that allowed for easier scheduling of viewings, tracking of payments, and simplified communication between buyers and sellers.
All you need to do is create an app account, connect with agents and buyers, upload documents, and you’re ready to manage real estate transactions on the go. Toor is the product of this effort. It’s an all-in-one device that functions both as a key and access pass, designed to make parking safer, more efficient, and easier to manage.
What is Toor?
Toor is an app-based platform that helps realtors to schedule showings and manage who is allowed to access different properties. It was created by Junior Desinor who was a real estate agent himself and saw the need for a better way to manage showings and access rights.
Toor is a smart lockbox system that works with a network of lockboxes across the US. App users can grant access to their properties through the Toor app and monitor who is entering their properties in real time.
Who invested in Toor?
Barbara and Kevin decided to invest in Toor for a $ 200,000 investment with 10% equity and an additional $ 300,000 line of credit. Both sharks saw the potential in the product and believed it could be a successful business. Toor founder Junior Desinor was thrilled to have the Sharks invest in their company and they took the terms without hesitation.
Unfortunately, it does seem that the deal failed to close after the episode aired and there is no record of any exchange of funds. We don’t know whether this influenced the stagnation of Toor, or if it was something else.
When was Toor on Shark Tank?
Toor was claimed to be a smart lockbox that would change the real estate industry. It was featured on Shark Tank in 2018, during the tenth season of the show. The business pitch was made by founder Junior Desinor who asked $ 500,000 for 10% of his company.
Toor offered a revolutionary way to manage access to rental properties across multiple cities without requiring permanent key exchange or expensive access control systems. With the Toor Lockbox, renters could enter and exit their rental property with a secure digital key. Property owners could also grant access remotely to family members, building staff, or vendors using the app.
Does Toor still exist?
Junior Desinor’s smart lockbox Toor can’t currently be purchased, but Desinor doesn’t have this project listed as inactive on Linkedin. However, it’s true that the social media and Toor official app haven’t been updated for a while.
It’s likely that Desinor has paused product development due to a lack of resources and capital. But given his history of entrepreneurship, it could be possible that he is working on something new.
The deal with the sharks hasn’t closed as well, so technically Toor is still alive but it’s unclear what Desinor plans to do with the product. It’s possible that Junior has decided to pivot and focus on something else. In 2020 he started another company together with his wife but hopefully, we will soon see what Desinor has in store for Toor.
Useful Video: Shark Tank Breakdown – Toor – Unlock Lockboxes without an Agent
Conclusion
Junior Desinor, the founder of Toor, set out to revolutionize the real estate industry and bring his vision to life. After appearing on Shark Tank, Toor was able to not only secure investment from the Sharks but also gain widespread recognition for their efforts.
Despite some initial efforts to sell the lockboxes, Toor soon went silent and neither social media nor the app has been updated for years. At the time of writing, Toor’s website is still active, but the company has seemingly gone dormant.
Though it is unclear what happened to Toor after Shark Tank, the company has left an impression on the real estate industry and will likely remain a part of Shark Tank’s history for years to come. Through this experience, we have all learned that even with dreams of success when starting a business, it can be incredibly difficult to achieve success.
Whether or not Toor makes a successful return remains to be seen, but the appreciation they got from the sharks had proven to be invaluable. We hope that they make a comeback and show us all what success looks like in the real estate technology industry.
Until then, we can continue to admire Junior Desinor’s ambitious idea and look forward to when Toor makes its next move. Keep checking back for updates!
References:
- https://www.sharktankblog.com/toor-smart-lockbox-for-real-estate/
- https://www.sharktankblog.com/business/toor/
- https://bizzbucket.co/toor-shark-tank-update/
- https://toor.today/
- https://www.facebook.com/ToorToday/