Zoom Interiors is pitched to a shark in Shark Tank episode 625 by Madeline Fraser, Elizabeth Grover, and Beatrice Fischel-Bock in hopes of striking a deal.
The three ladies met while attending GWU’s design school and launched their company at the end of 2012 to challenge the status quo of snobby, overpriced design firms.
Zoom Interiors consists of an interface that asks a series of questions about the user to obtain a sense of the place they wish to create – similar to those viral quizzes circulating on social media.
If this is the case, then their algorithm should propose furniture and design pieces that might work well in your space.
You don’t have to pay for the design services; they make money by selling you the products they suggest.
Interior design firm Zoom Interiors wants to cause a stir by providing free services.
Designers often charge between $100 and $600 per hour for their services, so Zoom Interiors’ business model can’t be all that appealing to them.
The Zoom Chicks are likely seeking investment capital and advice from Sharks to expand their online furniture business. Can they come up with a deal that will attract a Shark as a result?
What Is Zoom Interiors?
The former ‘Zoom interiors’ rebranded into ‘Homee,’ and the company is now ‘Hutch,’ a Beverly Blvd-based interiors design company.
They provide low-cost home remodeling assistance through their products and services.
They also have an app that helps individuals get a sense of how they want a room or interior space to look when they see it for themselves.
The app asks the homeowner several questions. The app then develops an algorithm for designing items like furniture and setups.
Clients can request a follow-up appointment if they are dissatisfied with the results.
Zoom Interiors also provides complimentary design services and sells the products they recommend as part of the design.
|Company Name||Zoom Interiors (Hutch)|
|Founder||Madeline Fraser, Beatrice Fischel-Bock, & Lizzie Grover|
|Business||App for virtual interior design and virtual interior design service|
|Investment Seeking||$100,000 For 20% equity in Zoom Interiors|
|Final Deal||$100,000 For 33% equity in Zoom Interiors|
|Episode||Episode 28 Season 6|
|Business Status||Out Of Business|
Who is The Founder of Zoom Interiors?
Elizabeth Grover, Madeline Fraser, and Beatrice Fischel, all former students at George Washington University, founded Zoom Interiors in 2011.
Three of the founders of the company started the company independently in 2012.
They were in the same interior design class as a Bachelor of Fine Arts students, such as fine arts, Interior architecture and design, and art history. The three of them are currently the company’s co-founders.
Zoom Interiors Before Shark Tank
Zoom interiors was founded by three individuals who share a love of interior design.
Their favorite thing to do in college was to assist other students with decorating their dorm rooms on a budget.
The members of the group became fast friends because of their shared interest in fashion and design.
They were trained in interior design to assist the artistically challenged in creating a comfortable and modern living space.
This led them to conclude that younger clients with tighter budgets would benefit from the services of low-cost designers.
These young women aspired to transform the field into which they would be working.
They decided to work together to lower the cost of interior design and make it accessible to the general public over the internet.
Their informal design trials were thus born, and they began helping people plan their rooms and giving them suggestions on the furnishings they should buy.
A Zoom Board will be delivered to consumers when the Zoom Interior professionals have entirely redesigned their space.
This board will include all of the furniture required for the new room design, so the hypothetical customer can see how their room will look after it is completed and delivered.
They learned a lot from this experience, including that a small business can do a lot with little money.
A professional interior designer was out of their price range, so they took advantage of the situation.
As a result, they developed a free app available to help those with limited financial resources access interior design services.
How Was The Shark Tank Pitch Of Zoom Interiors?
The episode begins with Elizabeth, Madeline, and Beatrice in Philadelphia, describing how they met and got into the business.
Sharks may assist the young ladies in achieving their goals, and they have lofty ambitions.
They go into the Tank hoping to get $100,000 in exchange for a 20% stake in the company.
The Sharks are shown before and after photos of their progress during the Zoom design survey on a large-screen TV.
Mr. Wonderful asks right away how Zoom Interiors Make money. The first year, they made $186,000 in sales but only $3,000 in profit. One out of every eight respondents purchases the product after doing the poll.
Mr. Wonderful is interested in learning how they plan to grow their business. In response to Lori’s question, the girls confirm that they generate most of their money from selling goods.
The Sharks consider a 15-minute discussion with each person to be too time-consuming.
To automate the procedure, Mark claims that it will be prohibitively expensive, so he’s out.
Robert thinks that the women may teach others to conduct consultations so that software isn’t required.
Mark yells at them, telling them that reason doesn’t work because they claim to be young.
Mark returns after a short break and tells them they must go to work right now. They tell Barbara they’ll work part-time jobs to help support themselves, and Mark yells at them again.
Robert advises against the development of applications. However, Mark advises working hard, hustling, and developing oneself.
Robert will be absent because he lacks time to assist them in brainstorming ideas.
Mr. Wonderful has withdrawn his support since he believes it is not scalable. Lori isn’t coming back since she finds it too much work.
Barbara likes the pricing and the energy they provide, but she dislikes the way they develop applications.
After she gets her way, she wants a third of the company for 33 percent. They’re on board!
Final Deal: Barbara Invests in Zoom Interiors for a 33% equity in the Business.
What Happened To Zoom Interiors After Shark Tank?
The contract with Barbara was never signed and sealed. Barbara’s decision to leave Zoom Interiors was determined too much equity to give up by the company’s brain trust when she revealed she would no longer be active.
When Zoom’s friends viewed the episode on Tinder, Tinder co-founder Sean Rad was impressed.
Following the shark tank presentation, he sent a Facebook message to CEO Beatrice Fischel-Bock, one of the company’s co-founders.
The company renamed itself Homee a year after Rad’s presence and raised $7.2 million with his assistance.
Homee, a new app, allows users to construct their lack of time place with ease. Homee has carved out a respectable position in the increasingly congested online interior design sector.
Unluckily, the Homee application deviated from its initial purpose.
They changed the app’s look and felt to be more visually appealing and renamed the company Hutch.
Hutch closed its doors in 2020, and the women who worked there moved on to new endeavors.
Are Zoom Interiors Still In Business?
Zoom received a call from Tinder CEO Sean Rad shortly after the Shark Tank show aired, asking if he wanted to meet.
“I was hoping the agreement would fall through afterward,” he remarked after seeing the concert. “I did not feel it was the most advantageous terms.”
Because of Rad’s involvement, Zoom has changed its name to Homee and has acquired a total of $7.2 million in funding, including a $5 million Series A investment from the Founders Fund of Peter Thiel.