Outer is an outdoor furniture company founded by Terry Lin and Jiake Liu. They appeared on Shark Tank Season 11, Episode 8, seeking $750,000 for 4% equity, valuing the company at $18.7 million.
Founded in 2017, Outer focuses on providing durable, comfortable, and sustainable outdoor furniture. The U.S. outdoor furniture market was estimated at $9.2 billion by 2022, driven by increasing demand for high-quality outdoor furnishings.
Based in California, Outer offers a range of products, including modular chairs, chaise lounges, dining chairs, ottomans, sectionals, and sofas & loveseats.
Each item features innovative protection covers designed to extend the lifespan of the furniture. The average cost of a sofa is $2,500.
| Company Name | Outer | |
| Founder | Jiake Liu and Terry Lin | |
| Founded | 2017 | |
| Product | Outdoor Furniture Company | |
| Asked For | $750k for 4% equity | |
| Final Deal | $300k for 22.5% equity | |
| Shark |  Lori Greiner | |
| Episode (Shark Tank USA) | S11 E8 | |
| Air Date | Nov 17, 2019 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | Santa Monica, California, US | |
| Lifetime Worth (Sales) | $86.8M *estimated | |
| Buy and Watch | Buy Now | Amazon Prime |
Another Shark Tank Pitch
Who Is The Founder Of Outer?
Jiake Liu
Jiake Liu studied computer engineering at The University of Alabama in Huntsville and interned at Riot Games. He founded StarDash Computers while in college and has since founded three companies.
Jiake is also an angel investor in over nine companies, including Pangaea, Eterneva, and Doorvest. Currently, he serves as the Co-Founder and CEO of Outer.
Terry Lin
Terry Lin, the Co-Founder of Outer, has experience working with prominent companies such as Walmart, Casper, and Varidesk.
How Was The Shark Tank Pitch Of Outer?
Co-founders Jiake Liu and Terry Lin appeared on Shark Tank seeking $750,000 for 4% equity in Outer. They highlighted the unique features of their outdoor furniture products and their performance to date.
Four months after launching, the company had achieved $800,000 in sales and projected $1 million for the current year, with an expected $5 million in sales for the following year.
Jiake Liu holds 60% of the company, Terry Lin holds 25%, and Jiake’s family factory owns 15%.
Kevin O’Leary initially offered $750,000 for 20% equity but later revised his offer to $750,000 as a loan for 5% equity plus a $20 royalty per unit sold until $1 million is repaid.
Lori Greiner proposed $750,000 as a loan for 10% equity plus a $20 royalty per unit sold until $1 million is repaid.
The co-founders countered with a $750,000 loan for 4% equity plus a $20 royalty per unit sold until $750,000 is repaid.
Lori Greiner revised her offer to $750,000 as a loan with 3% interest, 5% equity, plus a $30 royalty per unit sold until $750,000 is repaid. Jiake and Terry accepted Lori’s offer.
Outer Shark Tank Update
Until 2019-20, the COVID-19 pandemic kept people at home, leading to a surge in sales for Outer sofas, which reached between $1 million and $12 million. By 2021, the company had expanded to over 500 neighborhood showrooms across 49 states and also opened showrooms in Australia.
The co-founders raised significant funding throughout this period:
- June 18, 2020: Raised $4.3 million from 20 investors, led by Mucker Capital.
- January 12, 2021: Raised $10.5 million from 15 investors, led by Sequoia Capital China.
- September 16, 2021: Raised $50 million from 10 investors, led by Capital Today.
- By October 2021, the company had secured a total of $65 million in funding.
On July 15, 2021, Outer opened its 1,000th neighborhood showroom. By 2022, the company’s annual revenue was projected to reach $26 million. By August 2023, revenue is expected to hit $30 million, with over 1,000 neighborhood showrooms across the United States.
The pandemic lockdown significantly benefited Outer, leading to a fivefold increase in sales in just one year, as many people working from home sought comfortable furniture.
What Is the Net Worth of Outer?
Outer has an estimated net worth of $50 million. Over the past few years, the company has successfully raised more than $65 million in funding. With plans for further expansion, they may secure additional funding in the future.
Annual Revenue by Years
Note: This report is based on our research and data so far. In this, we are only estimating the annual revenue.
| Years | Annual Revenue |
| 2023 | $30M *estimated |
| 2022 | $26M *estimated |
| 2021 | $17M *estimated |
| 2020 | $12M *estimated |
| 2017-19 | $1.8M *estimated |
Funding Reports to Date!
| Years | Funding Amount | Investor |
| Oct 4, 2021 | TBD | TBD |
| Sep 16, 2021 | $50M | Capital Today [10+] |
| Jan 12, 2021 | $10.5M | Sequoia Capital China [15+] |
| Jun 18, 2020 | $4.3M | Mucker Capital [20+] |
| Nov 2019 | $750k | Lori Greiner |
The company’s headquarters is located in Santa Monica, California, United States, and it employs between 11 and 50 people.
Yes, Outer is still in business as of July 2024.
