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Zoom Interiors Shark Tank Update

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Do you love to design your room in a way that reflects you and your personality? Yet, you are bound to hold back due to the unavailability of furniture pieces according to your own taste.

Zoom Interiors is here to solve this very problem for you.

It is a free interior designing service that suggests various design pieces that would scream “you” once a part of your room.

Zoom Interiors at a Glance:

IdeaHelping to design your room according to your personality and tastes.
FoundersMadeline Fraser, Elizabeth Grover, and Beatrice Fischel-Bock
Asked For$100,000 for 20%
Accepted Deal$100,000 for 33%
SharksBarbara Corcoran
Business statusOut of Business
Episode No.Season 6, Episode 26

Index:

What is Zoom Interiors?

Zoom Interiors is built on the idea of building an interface to help you get an idea of how your room would look once it is designed your selected way.

It is a virtual interior design service where you get to know the exact style and design that would be suited to your room based on your personality and tastes.

Zoom Interiors consists of an algorithm that suggests the required changes in your already existing interior design or suggests various options to design every nook and corner of your room.

Founder Story:

Zoom Interiors was founded by the girls owing to their love of fashion design. As students, they loved to help other students decorate their dorm rooms on a fixed budget.

Due to their mutual love, they soon became really good friends and trained themselves to create a comfortable and fashionable living space with limited resources.

While under training, they realized that clients with small budgets would be highly willing to have a service that helps them decide their interior according to personalized tastes.

Since they did not have the budget to hire a professional interior designer, they decided to develop Zoom Interiors as a business.

Did Zoom Interiors get a deal on Shark Tank?

The founders entered Shark Tank, seeking an investment of $100,000 for 20% equity, valuing the company to $500k. They pitch their startup and its idea and explain the story behind it.

They also display a Zoom design survey on television for the sharks to experience their product.

After the pitch, sharks were extremely intrigued to know their source of income in the app. To which the girls told that they did $186,000 in sales in the first year yet netted only $3000.

They also say that they have customer retention of about one in eight people and their main source of income is from selling the products that they recommend to their users.

Most of the sharks did not like their application and thought that they could either continue completely offline by training people or develop an application with a better GUI.

See also  Shark Tank India Episode 16: What Happened in the Show?

Only Barbara was willing to invest more in their zeal rather than the business itself, and so she offered $100,000 for 33% if the software is off the table. The founders accept the deal without a sliver of hesitation.

What happened to Zoom Interiors after Shark Tank?

Though the founders sealed the deal with Barbara on the show they eventually decided not to go ahead with the deal when they got to know that she would only be a passive contributor to the business. Hence, the deal was never closed.

Luckily, Tinder Co-founder Sean Rad was quite impressed by their idea and decided to contact them through Facebook. One year after the episode went on-air, the company renamed itself Homee and raised a total of $7.2 million.

Homee was an app that helped user design their abodes. It went pretty viral and was quite popular among the new generation despite the market being extremely cluttered.

After functioning really well for some time, the founders decided to redesign and rename the app to Hutch, which aimed at providing a more visual experience to the users. In 2020, Hutch shut down and is now no longer in business.

Product Details:

  • Zoom Interiors is an online service that provides ideas on how a customer can customize their rooms.
  • They suggest to the customer the exact furniture or other dainty pieces that will go along with the vibe and aesthetic of their personality.
  • It was a useful service for those who could not hire professionals for getting their interiors done yet want suggestions to make their abode look and feel better.
  • They catered and suggested exactly to their customer’s budgets and preferences.
  • They also sell the products that are recommended to you through the service.

What is the Net Worth of Zoom Interiors?

Before entering the tank, the company was valued at $500k during the pitch and walked off with a valuation of $303.3k after the deal was made on the show.

After the show, the venture underwent some major changes, renaming and redesigning the app itself a couple of times.

During one of its phases when it was named Homee, the founders raised a total of $7.2 million. But, the venture couldn’t last long and is currently out of business with unknown Net Worth.

Who are the main competitors of Zoom Interiors?

Some of the top and main competitors of Zoom Interiors are:

  • Havenly
  • Planner 5D
  • Modsy
  • Decorist
  • Laurel & Wolf
  • Decorilla
  • Homepolish
  • Decor Aid

Apart from these big-budget companies, Zoom Interiors also faces lots of competition from local interior designers.

Is Zoom Interiors still in business?

No, Zoom Interiors is out of business as of 2023.

They underwent a really pleasing stage after appearing on Shark Tank, yet they could not keep the same phase going and eventually shut down in the year 2020.

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FAQs:

What is Zoom Interiors?

Zoom Interiors is a company that helps you with interior designing based on your personality.

What's the net worth of Zoom Interiors?

Before entering the tank, the company was valued at $500k during the pitch and walked off with a valuation of $303.3k after the deal was made on the show.

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