Toor Lockbox’s net worth is $500 US Dollars. Toor Lockbox currently makes zero revenue and has shut down its business. Toor appeared in the Season 8 Episode of Shark Tank.
Toor Lockbox has received a $500,000 investment from Kevin O’Leary and Barbara Corcoran. However, the product ended up as a failure and the investors lost all their money.
Toor Lockbox Revenue
When Toor’s founder pitched the product on Shark Tank, it had no sales and had yet to test the market. Toor accepted $9,000 in pre-orders, but the product was never delivered, and the customers’ payments were refunded.
Kevin and Barbara ended up losing their $200k investment. However, the $300,000 loan they made to the company as part of the deal was repaid.
During the episode, Mark Cuban and Barbara were seen mocking Chris Sacca for saying that Toor Lockbox is nothing new and that there are many similar locks available. Barbara received the final Karma.
What happened to Toor Lockbox’s Founder?
Anyone who has seen the Toor Lockbox shark tank episode will know that the founder, Junior Desinor, has been praised by all of the sharks as one of the best sales person they have ever seen.
They only realized he wasn’t a great entrepreneur after they invested. Junior was unable to manage the company’s inventory and lacked the technical knowledge required to fix bugs in his product.
Because Toor Lockbox failed, Barabara hired the founder for $100,000 per year. Junior Desinor is currently employed as a senior manager in Barbara’s real estate firm.
He recently closed a $8 million dollar real estate transaction in Toronto, earning him more than $75,000 in bonus income. Barbara has made up for her losses by hiring him. Kevin, on the other hand, has written off his investment.
In an interview, he stated that even though he only lost $100,000, it still bothers him that he fell into the trap of a good salesperson.
Shark Tank Pitch
Toor Lockbox founder Junior Desinor came into the Tank seeking $500,000 for 10% of his company. At this point, all of Desinor’s sales had come from Kickstarter, where he managed to presale 800 units, which equated to a little over $100,000 in sales.
Chris Sacca is the only shark who has raised questions about the product and even made a statement that many companies are doing the same.
However, Mark Cuban and Barbara mocked Chris Sacca for his deliberations and instead gave a helping hand to Toor Lockbox’s founder.
Ultimately, Chris Sacca was proven right and Barabara has recently admitted that there has been a lapse in her judgment and Toor is one of her worst investments ever made on Shark Tank.
FAQs
No. Toor shut down its business one year after airing on Shark Tank.
Toor Lockbox’s founder Desinor is currently working as a Senior Manager in Barbara’s real estate company.
No. With just $9,000 in lifetime sales, Toor has been a failure.
Junior Desinor founded Toor in 2016.