Toor Lockbox is a smart lockbox connected to an app that allows users to open and close the lock remotely. Toor Lockbox’s net worth was around $2 million when it appeared on the show in 2016. Despite the successful deal, the company was operating and had closed its businesses, according to the data for 2023.
Junior Desinor, the founder of Toor Lockbox joined Shark Tank Season 8, Episode 8. Also, it received $500,000 from Babara Corcoran and Kevin O’Leary. And this is also considered one of Kevin and Barbara’s worst investments in Shark Tank history.
Let’s find out how Toor Door Lock’s net worth became zero and how the owner became an employee of Barbara. Read now and stay till the end of the article to find out more.
Toor Lockbox’s net worth 2023 (sales quantity, volume, and latest update)
Toor Lockbox has stopped all of its operations and is out of business. So, Toor Shark Tank’s net worth is zeros for 2023. However, when it appeared on Shark Tank, Toor Lockbox had received a preorder of around $9000.Following that, it received around $100,000 through a successful Kickstarter campaign. But the company never delivered the products, and the money was refunded to the customers.
|Toor’s Net worth before appearing on Shark Tank||2 Million USD (business valuation)|
|Toor’s Current Net worth (2023)||Zero|
|Episode||Season 08 Episode 08|
|Product||Smart lock controlled via an app that can schedule an appointment with the buyer and seller, agent or broker|
|Asked for||500,000 For 10% Equity|
|Final deal||200,000 For 10% Equity + 300,000 loan|
|Shark||Kevin O Leary and Barbara Corcoran|
|Business status||Out of Business|
What is Toor Lockbox?
Toor is a smart lockbox with an app that lets buyers schedule showings even when no one is there. Possible buyers can use the companion app to get into the house and take a tour at their own pace without an agent being there.
The person selling the home will always know who has been there. The app’s users’ information will also reveal who has been in the house and when.
Who owns Toor Lockbox?
Junior Desinor is the founder and owner of the company. At age 18, he started his first business. He then went to Texas Tech University, where he was the real estate group president. In 2008, he became one of the youngest real estate agents in the state where he lived. In 2011, he started his own real estate company, Level Properties, which is still in business.
Toor was formed in 2016 to help real estate brokerages as a whole. As the company is out of business, he has started the high-end CBD oil business City Naturals.
What happened to Toor Lockbox in Shark Tank?
The Founder appeared on the Shark Tank hoping for $500,000 for 10% of his company. Firstly, he briefly introduced how he inspired and let Sharks try the product. He valued the company at $ 5 million, but Sharks is concerned that he has zero sales. However, they liked the profit margin and the Kickstarter Campaign.
But Lori Greiner decided to drop the deal first, and Mark Cuban followed her. Chris Sacca is concerned the product isn’t unique and decided to drop the agreement while Kevin and Babara had an offer.
However, after some negotiations about the initial offer, they finalized the deal for $200,000 for a 10% stake and a $300,000 loan with Kevin and Babara.
Toor Lockbox Shark Tank Update- What Happened After the Shark Tank?
Toor Door Box had a successful starter campaign before appearing on the show. And many trusted the product more after receiving investments from two sharks. However, the deal went through, and it took less than a year for Barbara and Kevin to realize that Junior needed to be a better entrepreneur.
So he didn’t manage to sell the preordered products despite receiving significant publicity. And he later decided to pay the preorder product cost.
Also, it made history as one of the worst investments in Shark Tank history. The company shut down its operations within a year after the Shark Tank Show.
However, according to the reports online, the $300,000 loan was paid back, and Barbara hired him as a Senior Manager for her real estate company.
Also, he received a yearly salary of around $100,000. Following that, he had recently finished a real estate business worth over $8 million and gained a $75000 bonus.
Kevin, however, has given up on his investment. He said in an interview that even though he only lost $100,000, it still hurts him that he fell on an excellent salesman.
Alternatives for Toor Lockbox
According to records online, “Ring”, “Roost”, and “GuRu” are all possible alternatives to the Toor Door Lock and could be seen as competitors.
Some companies that appear on the show have not achieved great success, and the Toor was one of them. Sometimes businesses don’t succeed because of many reasons. Sometimes, the deal falls through after the founders say yes on camera. Or, as you’ll see, sometimes things happen to the founders themselves, and they choose to abandon the business. Anything is possible. However, the Toor went out of business in 2023. And the product is no longer available in the market.
Toor Lock Box completely shut down its operation one year after the Shark Tank show. And we only received $9000 from the Kickstarter campaign.
Just put the Toor app on your phone, invite your guest, and give them access to your smart lockbox so they can safely get into your home.
No, Toor stopped its business, and there are no reports of the coming back of the product.
The Toor company wasn’t able to manage its manufacturing and retailing processes. So they ended up refunding the preorder.