Toor Lockbox Update | Shark Tank Season 08
Toor Lockbox founder Junior Desinor pitched in Shark Tank Season 08 to raise $500,000 for 10% equity in his company. It is the first lockbox that allows buyers and sellers to access the property with or without an agent.
The Sharks were impressed with the presentation and pitch. Despite some doubts about the profitability and verification aspect of the product, Junior was able to grab a deal from Barbara Cocoran and Kevin O’Leary.
It has been over seven years since Toor Lockbox appeared in the Shark Tank, and we have an update about this company. Find out what happened to Toor Lockbox after Shark Tank!
| Company Name | Toor Lockbox |
|---|---|
| Founders | Junior Desinor |
| Founded | 2016 |
| Product | Smart lockbox |
| Ask | $500,000 for 10% equity |
| Deal | $200,000 for 10% equity + $300,000 debt at 18% interest |
| Sharks | Barbara Cocoran, Kevin O’Leary |
If you’re in a hurry and don’t have time to read the whole story, here’s a brief overview of what happened to Toor Lockbox after Shark Tank!
Junior Desinor appeared in Shark Tank (S08E08) and got a combined deal from Barbara Cocoran and Kevin O’Leary. After the show, Barbara and Kevin didn’t invest in Toor Lockbox. However, Junior raised $100,412 from Kickstarter in early 2018.
Since its launch, Toor Lockbox has received mixed reviews, with a 2.7 rating on Amazon from 17 users. The customers loved the design, but many had issues with the mobile app. Since 2018, Toor has not updated their social media pages, and the company’s official website is also down.
As of March 2024, Toor Lockbox is out of business due to a lack of technological improvements. This company was shut down, and Junior moved on to another entrepreneurial journey. In 2020, he co-founded a high-end CBD oil business, City Naturals, with his wife, which shut down in 2024.
About the company
Junior has been an agent and a broker in the real estate industry for a long time. He figured there must be a method for making the tour a pleasant and reasonable experience for the client. The owner had come from Haiti to Texas with his parents to bring a change in his life.
TOOR is a real estate tour scheduling device and smart lockbox for keys that help connect buyers, agents, and sellers.
It is a new way to deal with showing houses that lets owners work directly with buyers to arrange times for private, unsupervised visits at their own convenience.
As buyers shop for a new home, the Toor gives them immediate access to homes and the advantages of looking around without being rushed or influenced by agents or sellers.
Buyers can look for properties, get directions, schedule their visits, find an agent, and read reviews –all within the application.
After the buyer and seller have associated, the buyer can utilize the TOOR app to open the digital lockbox and gain access to the home.
The TOOR lockbox must be opened only by the verified individual at scheduled times. The seller can decide to have an agent present if they wish, and they can locate somebody nearby if necessary.
Buyers must set up a profile to use the service and submit a government-issued photo ID. Using facial recognition technology, the client’s photo ID is then verified.
Sellers can review the profiles of individuals they may allow into their homes.
The lockbox has a rechargeable battery and utilizes the phone’s Bluetooth to lock and unlock remotely. Each lockbox retails for $199 and costs a monitoring fee of $100 per month.
Toor Lockbox Shark Tank Pitch Recap
Junior Desinor pitched his Toor Lockbox product and demanded $500,000 for 10% equity. The tool was mainly created for real estate agents.
Junior invited Barbara Corcoran to join him on stage to demonstrate the product and how it operated via phone app.
After that, the sharks started inquiring Junior about his product, and he went on breaking down his business.
At first, Kevin O’Leary asked, “What happens if the person does not redeposit the key but closes in any way?” Lori Greiner also considered it to be a significant concern.
Junior explained that a notification would be sent to us in these circumstances. Sellers can likewise request an agent to guide potential buyers on a visit through the property.
Kevin O’Leary then asked Junior, “How much have you sold?”
Junior said that no units were sold as they were prototypes. But earlier, Toor had a successful Kickstarter campaign, raising over $100,000 by selling over 800 boxes.
Guest Shark Chris Sacca believed the innovation was outdated and devices like this already existed in the market.
In the meantime, Barbara considered the product unnecessary; however, she told Junior, “You’re probably one of the best salespeople I have ever seen in my life,” other sharks also agreed with Barbara.
Lori Greiner found Toor to be at a very early stage to invest, so she’s out.
After that, due to his limited knowledge of real estate, Mark Cuban goes out. Chris also goes out next.
Kevin then offered Junior $100,000 for 10% equity with the excess $400,000 as a loan at 18% interest.
Barbara chose to join Kevin on the offer. However, her partnership was contingent on the item’s eventual sale to a giant chain of real estate companies.
Junior countered $250,000 for 10% equity and the remaining half as a line of credit. The three finally settled on a deal of $200,000 for 10%, with $300,000 to be given as a loan along with the contingency.
Shark Tank Toor Update
Following its appearance on Shark Tank, TOOR received a lot of exposure. However, after the show aired, the founder decided to pass up on the deal with Kevin and Barbara.
Unlike Junior’s initial pitch, Toor was not just a lockbox for real estate use. Instead, it became a more adaptable item that could be used anywhere, whether in real estate or just for added security to your home.
In 2018, Toor collaborated with Touch of Modern, a members-only e-commerce site and application.
Touch of Modern made the lockboxes accessible for sale on its platform, and shipping began that very year.
Since launching in 2018, TOOR hasn’t done well overall. The item has a 2-star rating on Amazon from 17 customers. The smartphone app had lots of glitches, and Junior couldn’t fix them.
Unfortunately, the company failed to make an impact and is no longer in business. It might have sold a few units when Desinor first launched the product.
However, the initial success did not last. The company allegedly made only $9,000 in lifetime sales.
Moreover, the company has not progressed since 2018, as the website or their social media pages haven’t been updated.
Other failed businesses that appeared in earlier seasons of Shark Tank:
Conclusion
Toor allows buyers to view the seller’s property in a very convenient way. Even though Junior could onboard Kevin and Barbara for his company, the deal never actually went through. Later, Junior failed in technological improvements, and the company ultimately shut down.
