When real estate agent Junior Desinor walked onto Shark Tank in 2016, he pitched a high-tech smart lockbox designed to modernize home viewings. He asked for $500,000 for 10 percent equity, giving Toor a massive $5 million valuation. Today, the company is defunct, and the net worth of Toor Lockbox sits effectively at zero dollars.
Understanding what happened to Toor reveals how hardware startups can stumble even after securing televised backing from prominent investors.
The Origin Story and Kickstarter Launch
Before facing the Sharks, Desinor built a career in real estate as a broker and agent. He noticed how tedious scheduling property showings could be. Agents spent hours driving across towns just to open a traditional lockbox for prospective buyers.
To solve this, he designed Toor—a Bluetooth-enabled smart lockbox controlled via a mobile application. The device allowed agents and homeowners to grant or restrict property access remotely, tracking every visitor in real time. Further analysis on the subject has been provided by Business Insider.
To test market demand, Desinor launched a Kickstarter campaign in early 2016. The campaign raised over $100,000 and pre-sold roughly 800 units. That early traction gave him the momentum to apply for Season 8 of Shark Tank.
The Shark Tank Pitch and Deal
During his appearance on the show, Desinor demonstrated how the Toor lockbox worked. The Sharks grilled him on his valuation and manufacturing costs. Mark Cuban and Daymond John quickly dropped out, citing concerns over competition and the hardware space.
Lori Greiner followed suit. However, Barbara Corcoran and Kevin O'Leary saw potential. After a tense negotiation involving equity splits and high-interest loans, Desinor agreed to a deal.
- The Terms: $200,000 in cash for 10 percent equity plus a $300,000 credit line loan at 18 percent interest.
- The Valuation: The deal adjusted the company valuation down from the initial $5 million asking price to a more realistic $2 million valuation.
Viewers watched Desinor walk off the stage with a handshake agreement from two of the show's heaviest hitters.
What Happened After the Show
Television exposure brought immediate curiosity, but translating screen time into sustained hardware sales proved difficult. The deal negotiated on air ultimately failed to close during due diligence.
Several major hurdles derailed the company over the next few years:
- Manufacturing and Quality Issues: Early units shipped to Kickstarter backers and buyers suffered from software glitches, poor battery life, and durability complaints.
- Negative Reviews: The product received low ratings on platforms like Amazon, with users complaining that the Bluetooth connectivity was unreliable.
- Fierce Competition: Established real estate lockbox providers like Supra already held deep relationships with major brokerages and local boards, making it nearly impossible for a newcomer to break into the market.
By 2018, the company's official website went dark, and production ceased entirely.
Current Status and Net Worth
As of today, Toor Lockbox is no longer operational, and its net worth is zero. While Junior Desinor remains active in the real estate sector running his own property brokerage ventures, the smart lockbox enterprise itself was quietly wound down after failing to achieve profitability or secure long-term manufacturing stability.
Frequently Asked Questions
Did Toor Lockbox go out of business?
Yes. After facing manufacturing delays, software bugs, and stiff market competition, the company halted operations and the product was permanently discontinued.
What was Toor's original valuation on Shark Tank?
Junior Desinor initially valued the company at $5 million by asking for $500,000 in exchange for 10 percent equity. The final on-air agreement with Barbara Corcoran and Kevin O'Leary valued the company at $2 million.
Did the Shark Tank deal actually close?
No. Like many deals agreed upon on Shark Tank, the terms fell through during the off-camera vetting and due diligence process.
Can you still buy a Toor lockbox?
No. New units are no longer manufactured, and remaining inventory is virtually nonexistent outside of rare secondary market listings.
