Kickstarter
Last up is Junior Desinor of Toor, seeking $500,000 for 10 percent equity.
Toor is a smart lockbox that helps connect buyers, sellers, renters, agents, inspectors, contractors, guests and hosts—thus enhancing the real estate experience. According to their Kickstarter campaign, the lockbox utilizes Bluetooth technology and cellular capabilities that allow for a seamless, interactive experience with their mobile app. It offers secure and immediate access for those in the real estate industry. According to Heavy, their plans for the future include “getting manufacturing of the first generation lockbox underway, while constructing an organization and company to support our product releases to come.”
Kevin O’Leary wonders what happens if the key is not put back and that also concerns Lori Greiner. An alert will be sent if it is not returned and an agent can be requested if a buyer doesn’t want to tour the house alone. The device costs $199.
A monitoring fee is charged, which is how they make their money back. It costs $100 per month, which the sharks believe is too high. Guest shark Chris Sacca believes there’s other lockboxes that can close on their own, thinking it’s old technology, and Barbara Corcoran doesn’t see the technology innovation as necessary. Greiner likes it but believes he came to the tank too early. She goes out.
Kevin O’Leary believes he has too high a valuation, but offers $500,000 for 10 percent equity, with $400,000 as a loan at 18 percent. Mark Cuban goes out. Corcoran then partners with O’Leary, contingent on selling to a large real estate company. Sacca goes out but challenges him to prove him wrong.
He counters Corcoran and O’Leary at $250,000 for 10 percent and $250,000 as a line of credit. They then counter him at $200,000 for 10 percent and $300,000 as a loan, keeping the contingency in place.
Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging business to six multi-millionaire and billionaire investors, known as sharks: Mark Cuban, owner of the Dallas Mavericks; Daymond John, fashion mogul and founder of FUBU; Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group; Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC; and Robert Herjavec, technology guru and founder/CEO of the Herjavec Group. Venture capitalist Chris Sacca is also slated to appear as a guest shark this season.
“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009. To date, the sharks have invested more than $87 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Friday at 9 p.m. on ABC.
Social Media Reacts to Toor’s Appearance on “Shark Tank”:
How fantastic is That to have the sharks arguing over your product! #SharkTank #Toor
— MichelleNaturallyMe (@agnew726) November 12, 2016
There are electronic lockboxes/app controlled but not like Toor. Good idea but not ready for prime time yet There's liability… #SharkTank
— Michael Flament (@mikeflament) November 12, 2016
#Toor this is a joke, right? Please shut him down. #sharktank
— Samantha Roman (@SamiPeach) November 12, 2016
What's to keep someone from hacking these lockboxes or using the service to scope places out? Way too much liability. #SharkTank
— Jacob Swartz (@swartzyJ) November 12, 2016
Personally, I wouldn't invest in #toor but I think the technology behind it is cool. #sharktank
— BarriMedia (@BarriMedia) November 12, 2016
So you sell an expensive lockbox which enables anyone to go through my house. No thanks. #SharkTank
— Irene Marie Plavcic (@ireneplavcic) November 12, 2016
Would you try out a Toor lockbox? Sound off in the comments section below!