Zoom Interiors’ virtual interior design firm was the pitch by Madeline Fraser, Elizabeth Grover, and Beatrice Fischel-Bock made in Shark Tank episode 625. The trio hopes to sign a deal with a shark.
The three ladies met while attending George Washington University’s design school and formed their company in late 2012 to counter the tendency of snobbish, pricey design services.
Zoom Interiors provides an interface with which you can obtain an idea of the home you want to create by answering a series of questions about who you are. It’s kind of like those viral tests you see on social media.
It is believed that their algorithm allows them to suggest what type of furniture and design elements they think will best suit your room.
They offer design services for free but make money on the back end by selling you their products.
Zoom Interiors is on a mission to shake up the design industry by providing free services. Typical designers charge between $100 and $600 per hour for their services; they are unlikely to be pleased with Zoom Interiors’ business model.
“Zoom Chicks” are probably seeking funding for adding new products and services to their online furniture offering, as well as Shark assistance for scaling their company.
Is it possible a deal can be struck to bring in a Shark?
What Is Zoom Interiors?
“Zoom interiors,” which later changed its name to “Homee” and then to “Hutch,” is an online interior design firm on Beverly Boulevard in Los Angeles, California.
They provide a wide range of services to help people adapt to their living environments on a tight budget.
ZOOM interiors is a virtual destination for anyone looking for reasonably priced interiors and contemporary design.
ZOOM interiors, founded by three experienced interior designers to make interior design affordable and accessible, has made interior design more affordable and accessible to everyone.
Also, an app is available that can help users visualize how they would like a room or interior area to look.
The app requires homeowners to answer a set of questions. The software then creates algorithms for various design features, such as furniture placement and arrangement.
The client may ask for a follow-up meeting directly with the consultant if he is not satisfied with the conclusion.
Additionally, zoom Interiors provides free design services and the ability to purchase the recommended things as part of the design.
|Company Name||Zoom Interiors|
|Product||Mobile App & Virtual Interior Design Service|
|Entrepreneur||Madeline Fraser, Beatrice Fischel-Bock & Lizzie Grover|
|Episode||Season 6 Episode 28|
|Investment Asking For||$100,000 For 20% stake in Zoom Interiors|
|Final Deal||$100,000 For 33% stake in Zoom Interiors|
|Business Status||Out Of Business|
Who Is The Owner Of Zoom Interiors?
The founding members of Zoom Interiors were Madeline Fraser, Elizabeth Grover, and Beatrice Fischel, all of whom graduated from George Washington University. The company was established in 2012 by three women.
They were both taking the same interior design class at the time, where they were both pursuing a Bachelor of Arts (Interior Architecture and Design, Fine Arts, and Art History). The three of them currently serve as co-founders of the corporation.
The founders of Zoom Interiors established the company because of their passion for interior design.
When they were at university, they always appreciated helping students design their little spaces on a tight budget.
They then found out that there was a demand for low-cost designers to cater to the needs of younger clients with limited funds.
They consequently began to conduct informal design trials by arranging and selecting furniture for friends’ rooms.
They learned a valuable lesson from this experience: they might make a significant profit with a small amount of capital.
They capitalized on the high cost of employing a professional interior designer. So, they developed an app that provides interior design services to those who don’t have the financial resources.
Zoom Interiors Before Shark Tank
Bea Fischel-Bock, Madeline Fraser, and Lizzie Grover became inseparable when they met in college. A common interest in fashion and design led to rapid bonding between the group members.
They were attending interior design school to assist those who are artistically challenged in furnishing a comfortable and modern home.
Although they were about to enter an industry, these ladies were determined to make a difference.
Together, they wanted to make interior design inexpensive and simple for anyone who wanted to do it from the comfort of their homes.
It is generally easy to complete the first few design process steps. The three women realized that hiring an interior designer might be intimidating. Hence, they developed a simple room survey that they can administer online to understand better what the consumer wants.
The designer will then contact the customer via Skype or over the phone to provide additional information about the process and offer a free consultation after the survey is completed. This process is very simple.
Zoom Interior professionals will provide customers with a Zoom Board after completing a final redesign of the room for them.
On this board, you will find a list of all of the items that will be needed for the new room design and a diagram to assist the hypothetical customer in picturing the new layout of the room.
When the end design does not meet the customer’s expectations, Zoom Designers will offer two additional remodels.
It’s just a matter of adding items to the shopping cart and having them delivered to the new location when it comes to the new furniture.
After completing their undergraduate studies, they came to Philadelphia to build a solid foundation for their firm.
The financial stability of these young women, who are young and just out of college, is insufficient to fund a brand new startup company.
The only way Zoom Interiors can get started with financial assistance from one of the Sharks on ABC’s Shark Tank.
How Was The Shark Tank Pitch Of Zoom Interiors?
Madeline, Elizabeth, and Beatrice begin with an “at home” segment in Philadelphia and describe how they met and became involved with their company.
Sharks can help these young women achieve their goals, and they hope they can work with a Shark to make this happen.
They come to the Shark Tank with a demand for $100,000 in exchange for a 20 percent stake in Zoom Interiors.
They show Sharks before and after photos of their designs and guide them through a Zoom design survey displayed on a large screen television.
Mr. Wonderful is immediately interested in learning how they make their money. The company made $186,000 in sales and only $3000 in profit its first year.
A survey participant buys the service on average once every eight participants. Mr. Wonderful is eager to find out how the company can scale.
Lori asks the girls if they sell most of their goods, and they confirm that’s the case.
The Sharks argue that a 15-minute discussion with everyone would take too much time.
Mark believes that automated procedures require specialized software, which is prohibitively expensive; as a result, he is out.
Regardless of the absence of software, Robert believes that individuals can become proficient in conducting consultations with the ladies.
Mark snarls at them, stating this is not an acceptable explanation, and they claim to be young.
Mark announces that they must produce after a short pause. Mark yells at them again after they answer Barbara’s question about how they intend to support themselves.
Robert does not believe that money should be invested in application development.
On the other hand, Mark believes they should hustle, grind, and develop.
Robert cannot assist them in coming up with ideas because he lacks the necessary time.
Mr. Wonderful does not believe it is scalable; thus, he is out. Lori has decided that it is too much effort for her and has resigned.
Barbara likes their pricing and vitality, but she is dissatisfied with the way their applications are developed.
She will give 33 percent of the profits in exchange for a third of the company without the software. They have agreed!
Result: Barbara gets a 33 percent stake in the company in exchange for $100,000.
What Happened To Zoom Interiors After Shark Tank?
Zoom Interior’s appearance on Shark Tank gained a great deal of attention due to the show’s high-intensity episode.
When they were in the spotlight, the girls appeared on several television news shows and had a few articles about them printed in widely-circulated newspapers.
Barbara Corcoran helped Zoom Interiors (https://zoominteriors.com) generate more business by boosting traffic to their website.
They were such a fresh group of girls that they began to appeal to customers through Instagram, a social media app.
They have an Instagram account and a blog on their website to see pictures or read about the creative minds behind each item.
Zoom Interior has consistently done well since its appearance on the show, thanks largely to the assistance of Corcoran.
Zoom Interiors Shark Tank Update
Barbara’s transaction with Zoom Interiors was never finalized. After discovering that Barbara would no longer be actively involved in the business, the Zoom Interiors brain trust decided they had too much equity to give up.
The Zoom ladies were delighted to see Tinder co-founder Sean Rad catch the show.
He communicated with Beatrice Fischel-Bock, the firm’s CEO, via Facebook after the presentation. She replied positively.
With Rad’s assistance, the company changed its name to Homee and raised $7.2 million in funding within one year.
Homee is a new program that allows users to customize their living area. Even though the online interior design business is becoming increasingly congested, Homee has successfully carved itself into a distinct niche.
We regret to inform you that the Homee app has strayed too far from the company’s original mission statement.
Their app was upgraded to be more visually appealing, and their company was renamed Hutch once again. Hutch closed its doors in 2020, and the women pursued other endeavors.
Is Zoom Interiors Still In Business?
Zoom Interiors is out of business as of 2022.