Outer is an outdoor furniture company founded by Terry Lin & Jiake Liu. They both appeared on Shark Tank Season 11 Episode 8 and asked the sharks for $750,000 for 4% equity at $18.7 Million Valuation.
This company offers outdoor furniture that is comfortable as well as sustainable. The Outer Outdoor Furniture Company was founded in 2017 with the goal of providing durable, comfortable, and sustainable outdoor furniture.
The retail market for outdoor furniture in the United States was estimated to be $9.2 billion by 2022. With the increase in population, people are looking for comfortable outdoor furniture, due to which this industry is growing.
What Is Outer?
Outer California Base is an outdoor furniture company that manufactures various outdoor furniture. They currently offer Modular Chairs, Chaise Lounges, Dining Chairs, Ottomans, Sectionals, and Sofas & Loveseats.
All their products give great comfort with unique configurations. An innovative protection cover has been given in it for the protection of outdoor furniture. The average cost of a sofa is $2,500.
|Founder||Jiake Liu and Terry Lin|
|Product||Outdoor Furniture Company|
|Asked For||$750k for 4% equity|
|Final Deal||$300k for 22.5% equity|
|Episode (Shark Tank USA)||S11 E8|
|Air Date||Nov 17, 2019|
|Business Status||In Business|
|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?
The co-founders of Outer Company are Jiake Liu and Terry Lin, both of whom started this company in 2017.
Jiake did an internship at Riot Games for a few months during studying computer engineering at The University of Alabama in Huntsville. In 2009, he started his first startup StarDash Computers when he was in college.
He has founded 3 companies and has been an angel investor in 9+ companies like Pangaea, Eterneva, Doorvest, and many more. Currently, he is the CO-Founder & CEO of Outer Company.
Terry Lin is the co-founder of this company and has worked in many popular companies such as Walmart, Casper, Varidesk, and many more.
How Was The Shark Tank Pitch Of Outer?
Co-founders Jiake Liu and Terry Lin both entered Shark Tank and asked the sharks for $750k for 4% equity. They explained to the sharks about their product and told them about the specialty of the product.
It’s been 4 months since the product launched and they’ve done $800,000 in sales so far. This year they are projecting $1 million in sales and next year they are projecting $5 million in sales.
Jiake holds 60% of the company, Terry holds 25% and Jiake’s family factory holds 15% share. Kevin O’Leary was offered $750,000 for 20% equity.
Lori Greiner made a different offer of $750k as a loan for 10% equity + a royalty of $20 per unit sold until $1M is paid. Kevin O’Leary changed his offer to $750k as a loan for 5% equity + a royalty of $20 per unit sold until $1M is paid.
The CO-founders countered Lori with $750k as a loan for 4% equity + a royalty of $20 per unit sold until $750k is paid.
Lori countered another $750k as a loan ie 3% interest 5% equity + a royalty of $30 per unit sold until $750k is paid. Jiake and Terry accept Lori’s offer.
What Happened To Outer Furniture After Shark Tank?
Till 2019-20 people were at home all the time due to COVID-19 Pandemic and during this time many people bought the outer sofa which made the sale $1M-$12M. By 2021, they have opened 500+ neighborhood showrooms in 49 states and showrooms have been opened in Australia as well.
CO-Founders Raise $4.3 Mn Funding On Jun 18, 2020 From 20 Investors Led By Mucker Capital. On Jan 12, 2021, they raised $10.5M from 15 investors led by Sequoia Capital China.
They raised $50M from 10 investors on Sep 16, 2021, led by “Capital Today”. By October 2021, the company had raised a total funding of $65M.
On July 15, 2021, this company opened the 1,000th neighborhood showroom. By 2022, the company’s annual revenue is going to be $26 million.
What’s new on Outer
Last Update: August 3, 2023
Reaches 1,000+ neighborhood showrooms across the United States by July 2023. By August 2023, the company’s annual revenue is going to be $30 million.
Outer Shark Tank Update
This episode of Lockdown Time Shark Tank was aired and Lockdown was beneficial for this company. The sale of this company went up 5X in 1 year because many people are doing work from home from home and they needed a comfortable sofa.
What Is the Net Worth of Outer?
Outer has an estimated net worth of $50 million. Within a few years, this company has raised more than $65 million in funding. In the coming time, they can raise more funding to expand their business.
Is Outer Still In Business?
The Outer outdoor furniture company was started in 2017 and the sales growth also started happening within the company’s inception. At the present time, the company is making revenue of millions of dollars every year.
The current headquarter of this company is in Santa Monica, California, United States, and 11-50 employees are working in it.
Yes, Outer is still in business as of August 2023.