Outer, which appeared on Season 11 of Shark Tank, is a novel outdoor furniture company offering premium products. The founders of Outer, Terry Lin, and Jiake Liu, brought to life an innovative approach to outdoor furniture design and retail.
Established in 2017, Outer offers various products, including sofas, coffee tables, and various care products and accessories, such as rugs, throw pillows, and covers.
The unique selling point of Outer lies in its mission to reinvent how outdoor furniture is sold. What sets Outer apart is the quality of its products and its disruptive business model.
The outdoor furniture provided by Outer is not just designed with aesthetics in mind, but it also caters to durability and comfort. It’s environmentally friendly, eco-conscious, and is produced ethically.
The designs reflect the expertise of Terry Lin, a Rhode Island School of Design graduate and the Chief Design Officer of Outer. Outer’s unique selling model, the “neighborhood showroom,” allows customers to browse the products in their backyards.
This creative approach eliminates the need for physical showrooms and reduces overhead costs, allowing Outer to maintain competitive pricing. Outer pays this neighborhood showroom hosts a fixed rate to make this model successful, fostering a customer-centric approach without the pressure of commissions.
Outer’s unique approach was also reflected in their Shark Tank pitch, where they sought investment to scale their innovative business model and product range. Despite initial challenges in closing a deal with Shark Lori O’Greiner, Outer has demonstrated remarkable resilience and success.
Today, they have garnered millions in funding from various investors, expanded their product offerings, and experienced significant growth. Outer offers a unique, premium, and ethical solution for outdoor furniture.
Outer presents a good choice for customers looking for high-quality outdoor furniture that combines style, durability, and comfort. Outer’s innovative business model disrupts the traditional retail approach to furniture by providing a refreshing and customer-centric alternative.
Outer’s continued growth and expansion will make it a significant player in the outdoor furniture industry.
|Founder||Terry Lin and Jiake Liu|
|Product||Outdoor furniture that is comfortable and eco-friendly|
|Investment Seeking||$750,000 for 4% equity in Outer|
|Final Deal||$750,000 loan at 3% interest for 5% equity in Outer and a $30/unit royalty until $1 million is paid back|
|Outer Shark||Lori Greiner|
|Outer Episode||Season 11, Episode 8|
|Outer Business Status||In Business|
|Outer Website||Visit Website|
What Is Outer?
Outer is an innovative, eco-friendly, and versatile outdoor furniture company that made a memorable appearance on the popular television show Shark Tank. Outer was founded in 2019 by Terry Lin and Jiake Liu to serve outdoor living needs by providing durable, high-quality furniture made from high-quality materials that look great and last for a long time.
Outer has revolutionized how consumers embrace and enjoy outdoor spaces by creating a unique, patent-pending modular system. The Shark Tank appearance garnered significant attention and investment for the company, allowing it to expand its product range and reach new customers across the globe.
Outer’s innovative OutsideShellTM technology is one of its most noteworthy features, which consists of a built-in storage system that protects cushions from dirt, debris, and harsh weather conditions.
This design ensures the furniture remains clean, fresh, and ready for use whenever needed. In addition, Outer is committed to sustainability and utilizes eco-conscious materials, such as recycled ocean-bound plastic, for its furniture components.
Outer successfully showcased its game-changing approach to outdoor living by appearing on Shark Tank. The company’s ability to merge aesthetic appeal with advanced technology, durability, and environmental responsibility has placed Outer at the forefront of the outdoor furniture industry.
Furthermore, its continued growth and presence on the global stage are a testament to the ingenuity, passion, and dedication that Terry Lin, Jiake Liu, and the entire Outer team bring to the table.
Who Is The Founder Of Outer?
Outer, a flourishing outdoor furniture company, was co-founded by Terry Lin and Jiake Liu. Both hail from California, United States, and their expertise and experiences led them to collaborate and create this innovative venture.
Terry Lin is a fine arts graduate from the prestigious Rhode Island School of Design with a deep-rooted furniture design background. Before Outer, he spent over a decade as a designer at Pottery Barn, honing his skills and gaining industry knowledge.
Jiake Liu, on the other hand, is a computer engineering graduate from the University of Alabama and has a commendable track record of assisting several startups to scale and expand. Liu’s observation of a shortage in the availability of quality outdoor furniture was the starting point of their journey toward Outer.
Liu sought a collaborator with a strong background in crafting and design to complement his vision for an outdoor furniture company. His search led him to Terry Lin, who shared Liu’s vision of bridging the gap in the market, and the two quickly forged a business partnership.
Outer was conceived to address the need for durable and aesthetically pleasing outdoor furniture. Lin’s design expertise came to the fore as he developed pieces crafted with all-weather wicker, memory foam pads, and stain-resistant materials.
He also introduced an integrated cover for added durability. Their flagship product, an outdoor sofa, quickly became popular. Outer’s unique business model also caught the attention of many.
Instead of operating traditional showrooms, they opted for ‘neighborhood showrooms’ – real customer backyards where prospective buyers could view and experience the furniture. This allowed them to keep costs low, offering competitive pricing in the market.
Launched in 2017, Outer saw an impressive start, with sales exceeding $800,000 in the initial four months, thanks to a successful promotional campaign. Their innovative approach and remarkable initial success caught the attention of the popular reality TV show, Shark Tank, paving the way for further growth and visibility.
How Was The Shark Tank Pitch Of Outer?
The Shark Tank pitch by Outer, an innovative outdoor furniture company founded by Terry Lin and Jiake Liu, was marked by a bold valuation and a successful negotiation with one of the Sharks.
The co-founders of Outer entered Shark Tank’s Season 11 with a business proposal seeking $750,000 for 4% equity, indicating a high valuation for their startup – over $18 million.
Their product was a line of comfortable, durable, and eco-friendly outdoor furniture protected from the elements with a patented pending ‘Outer Shell,’ a Velcro-attached system for keeping cushions dry.
Moreover, they implemented an unusual peer-to-peer showroom model, where existing customers could host potential buyers to try out the furniture in their homes.
Despite the compelling pitch, the Sharks had mixed reactions to the proposition. Initially, they were taken aback by the company’s high valuation, especially as Outer’s sales, totaling $800,000 over the last four months, did not justify this.
Due to the steep valuation, Daymond John was the first to withdraw from negotiations. Guest Shark Anne Wojcicki liked the product but did not feel it was revolutionary enough to warrant the asking price. Mark Cuban also passed on the opportunity, citing the high risk involved.
Sharks Kevin O’Leary and Lori Greiner, however, showed interest. O’Leary offered $750,000 but sought a larger equity stake of 20%. Greiner countered with a more complex offer: a $750,000 loan at a 3% interest as a line of credit, with a demand for 10% equity and a $20 royalty per chair until she was paid back $1 million.
Under pressure from Greiner, who threatened to withdraw her offer if they listened to a revised offer from O’Leary, the Outer co-founders negotiated with Greiner.
Ultimately, Greiner agreed to a 5% equity stake but increased the royalty to $30 per unit sold until her investment was repaid. Lin and Liu accepted this offer despite initial hesitation, securing a significant investment for their startup.
Post Shark Tank, Outer proved its hefty valuation was not unfounded. They raised $4.3 million in 2020 and another $10.5 million in early 2021 from other investors.
Outer was reported to have an annual revenue of $45 million, with 500 showrooms across the United States, indicating robust growth and success following their appearance on the show.
What Happened To Outer After Shark Tank?
Outer experienced significant growth and success after its appearance on Shark Tank. The company’s valuation, initially perceived as excessively high by some of the Sharks, was justified through subsequent achievements and fundraising.
Firstly, Outer successfully raised substantial capital from investors. Following their Shark Tank appearance, they secured $4.3 million in 2020 and an additional $10.5 million in early 2021.
Notably, their Series A round of funding in 2021 brought in $10.5 million, with Sequoia Capital China being the primary investor. Later that year, the Series B funding round raised a remarkable $50 million from Tribe Capital, Capital Today, Upfront Ventures, and C Ventures.
In terms of business expansion, Outer introduced new product lines and continued to grow its unique peer-to-peer showroom model. Customers opened their homes to prospective buyers to try out the furniture, extending the company’s reach and strengthening its community. By 2023, Outer had established 500 such showrooms across the United States.
Outer also enjoyed substantial revenue growth. The company’s innovative approach to outdoor furniture design, coupled with its sustainable business model, resonated with consumers.
Outer recorded recent sales of $45 million, a significant leap from the $800,000 sales in the four months preceding its Shark Tank pitch. This robust performance contributed to the company’s valuation reaching $100 million by 2023.
The business has also gained substantial media attention, with features in notable publications such as Forbes and GQ Entrepreneur. This media coverage further helped boost the company’s profile and reach.
Despite reports that the deal with Lori Greiner had not closed yet, the founders of Outer continued to capitalize on the momentum gained from their Shark Tank appearance, successfully navigating the competitive furniture market and positioning Outer as a leading brand in outdoor furniture.
Outer Shark Tank Update
After Outer, an outdoor furniture company, appeared on Shark Tank, they experienced significant growth and success in their business. Despite not securing a deal with Lori Greiner, the company thrived and achieved impressive milestones.
Outer experienced remarkable growth during the pandemic, with sales surging by over 1,000%. This growth can be attributed to their unique sales approach, high-quality products, and the increasing popularity of outdoor living solutions.
Outer secured $50 million in Series B funding to develop innovative materials and expand its product range. They aim to disrupt the traditional furniture industry by offering durable, comfortable, and modern designs.
Outer plans to improve channel access, venture into the commercial outdoor furnishings market, and redefine its brand beyond furniture. Despite the deal falling through on Shark Tank, Outer raised over $10 million in funding and achieved $26 million in annual revenue.
Their strong online and social media presence and unique sales approach of turning customers’ backyards into showrooms contributed to their success.
Outer’s neighborhood showroom concept gained attention and helped them attract customers. Customers could earn money by inviting others to test Outer’s furniture, fostering a sense of community and trust in the brand. This unique approach differentiated Outer in the market and contributed to its growth.
Outer expanded its product offerings and attracted investors after Shark Tank. With a valuation of approximately $50 million, the company continues to grow and expand into new markets. They now have over 500 showrooms across 49 states and a strong presence in the patio furniture industry.
Outer focus on eco-friendly production and uses innovative materials. Their proprietary OuterShell fabric is made from 100% recycled plastic, offering durability and comfort. They aim to provide sustainable outdoor living solutions and have attracted customers who value ethical and environmentally conscious products.
Outer’s appearance on Shark Tank was a stepping stone for their success. Despite not striking a deal with the Sharks, the company experienced remarkable growth, secured significant funding, expanded its product range, and achieved impressive revenue.
Outer continues to thrive in the patio furniture market, offering high-quality and eco-friendly outdoor living solutions with a strong emphasis on community building and customer engagement.
Is Outer Still In Business?
According to our research, Outer is still in business. Also, our research suggests that Outer experienced significant growth during the pandemic, with sales surging by over 1,000% and securing $50 million in Series B funding to develop innovative outdoor product materials.
Outer aimed to disrupt the traditional furniture industry by offering durable, comfortable, and modern designs. They adopted a unique sales approach by turning customers’ backyards into showrooms and cultivating a community of customer ambassadors.
What Is the Net Worth Of Outer?
The net worth of Outer is estimated to be $100 million. The valuation of Outer was $15 million after it secured an investment from Lori Greiner on Shark Tank.
Also, read other notable businesses from Season 11 of Shark Tank: