Are you an indoor person or an outdoor person? Do you like to spend time with nature when you are at home reading a book? Or are you planning to design a beautiful, huge outdoor sitting space at your new place? If you are, then Outer is just the right choice.
The company manufactures elegant, durable, sustainable, eco-friendly, weather-protected, wicker outdoor furniture like sofas, cushions, and coffee tables. This furniture elevates the outer living space, designed considering the seasons, the products are protected from the natural elements.
The company was founded in 2017 to create a life with the outer world, to disconnect people from their screens, and connect with nature. Outer produces the joy of the luxurious life of nature, fresh air, family, and friends. The products are not made at the cost of the environment. The company uses material science as its technology to provide sustainability.
Outer at a Glance
| Idea | premium outdoor patio furniture to provide a better life outside with comfortable and sustainable furniture. |
| Founders | Terry Lin and Jiake Liu |
| Asked For | $750,000 For 4% |
| Accepted Deal | $750,000 loan at 3% interest for 5% equity and $30/unit royalty until $1 million is paid back. |
| Sharks | Lori Greiner |
| Business status | In Business |
| Episode No. | Season 11, Episode 8 |
Index:
Founder Story:
Terry Lin and Jiake Liu are the founders of the company Outer. Terry Lin is the Chief Design Officer of the company. Before being an entrepreneur he was an executive at Casper Sleep, and also the Head Furniture Designer of Pottery Barn. He completed his graduation in Furniture design from the Rhode Island School of Design.
Jiake is the Chief Executive Officer of Outer Furniture and is a computer Engineer. While Terry has an experience as a designer, Jiake is experienced in setting up a company. He has experience with Amazon and Starbucks. He was also an Angel investor for a company.
“I’m a computer engineer and before Outer, I built my family an e-commerce business so they could get retail margins instead of just wholesale. That’s when I saw huge demand for outdoor furniture. It’s the fastest growing segment in the furniture business,”
CEO Liu explains to Forbes
Did Outer Furniture get a deal on Shark Tank?
Yes, Outer Furniture cracked the deal with Lori Greiner. The company asked for $750,000 for 4% of the company. The sharks doubt and find the valuation problematic. Despite this, it seemed like the sharks were interested in the business after all.
Kevin offers the same amount for a 20% stake while Lori offers the amount for 10% equity and $20 per unit royalty until $1 Million is paid back. On this offer of Loris Kevin revises his offer to $750,000 as a loan for 5% of the company plus a $20 royalty/unit of $1 Million paid back.
It seemed like the two wanted the company to be invested in. To this, the founders counter offer to Lori a $750,000 loan for a $4% stake plus a royalty of $20/unit sold until $750k is paid back. But Lori feels she is worth it and raises another counteroffer of $750k as a loan at 3% interest and 5% stake plus a royalty of $30 per unit sold until $1 Million is paid, which the founders accept and make a deal on shark Tank.
What Happened to Outer Furniture after Shark Tank?
After the show, in these years Outer Furniture experienced pretty well growth. The deal with Lori did not materialize, but the company was able to raise a lot of money through many investors. They raised $4.3 Million in June 2020 and $10.5 Million in 2021.
Right before the show Outer Furniture had generated $800,000 in revenue in four months. It looked like Covid-19 had a positive impact on the company. The company made $1.1 million to $12.2 million in revenue in 2019.
The Outer Furniture was valued at $18.75 Million during the pitch, it came down to $15 Million after the deal, it $12 million in 2020, and $24.6 Million in 2022. They raised $4.3 million in 2020 and another $10.5 million in early 2021 from investors. After Lori’s deal, the founders raised Series B funding of $50 million, led by Kathy Xu of Capital Today, after receiving $10.5 million in Series A funding.
The core soul of the company has always been its sofa, but after the show, they launched many new products like chairs, coffee tables, and pet rugs. They have also added outdoor furniture accessories like toss cushions, rugs, and coverings.
Competitors of Outdoor
- Muebles Roal
- Rapport Furniture
- Oyami Furniture
- Floyd
- Yardbird
- FrontGate
What’s the net worth of Outer Furniture?
The Outer Furniture was valued at $18.75 Million during the pitch, it went to $15 Million after accepting the deal, and it is $24.6 Million in 2022. After Lori’s deal, the founders raised Series B funding of $50 million, led by Kathy Xu of Capital Today, after receiving $10.5 million in Series A funding.
Is Outdoor still in Business?
Yes, Outer Furniture is still in business as of 2023. The Outer Furniture was valued at $18.75 Million during the pitch, it came down to $15 Million after the deal, it $12 million in 2020, and $24.6 Million in 2022. They raised $4.3 million in 2020 and another $10.5 million in early 2021 from investors.
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FAQs:
What is Outer Furniture?
Outer Furniture manufactures elegant, durable, sustainable, eco-friendly, weather-protected, wicker outdoor furniture like sofas, cushions, and coffee tables. This furniture elevates the outer living space, designed considering the seasons, the products are protected from the natural elements.
What's the net worth of Outer Furniture?
The Outer Furniture was valued at $18.75 Million during the pitch, it came down to $15 Million after the deal, it $12 million in 2020, and $24.6 Million in 2022. They raised $4.3 million in 2020 and another $10.5 million in early 2021 from investors.