Outer Furniture has undergone a remarkable transformation since its appearance on Shark Tank in 2019. What was once a tiny startup aiming to reinvent the outdoor furniture market has now blossomed into a $100 million empire, solidifying its position as a dominant player in the industry.
From securing major funding rounds to exponential sales growth during the pandemic, Outer’s journey is a testament to the power of innovation and perseverance. This blog post will dive into this outdoor furniture sensation’s key milestones, financial achievements, and plans.
Who is Outer Furniture?
OuteFurniturere was founded in 2017 by Jiake Liu and Terry Lin, two entrepreneurs with a vision to revolutionize the outdoor furniture market. Recognizing consumers’ common issues with traditional outdoor Furniture, such as weathering and lack of comfort, Jiake and Terry set out to create a solution. Their flagship product, the Outer sofa, features a patent-pending “OuterShell” technology that provides a protective layer to shield the Furniture from the elements, ensuring longevity and enjoyment in any outdoor setting.
Who Is The Founder Of Outer Furniture?
Jiake Liu and Terry Lin are the co-founders of Outer Furniture. Jiake, with his background in computer engineering and startup experience, provided the technical expertise and business acumen to launch the company. With his extensive design experience at Pottery Barn, Terry allowed Outer to create visually appealing and functional outdooFurniturere. Together, they combined their complementary skills to bring Outer to life.
| Entrepreneurs | Terry Lin and Jiake Liu |
|---|---|
| Business | Outer |
| Ask | $750,000 for 4% equity |
| Result | $750,000 loan at 3% interest, 5% equity, $30/unit royalty until $1 million paid back |
| Shark | Lori Greiner |
How Was The Shark Tank Pitch Outer Furniture?
Jiake and Terry’s appearance on Shark Tank Season 11 in 2019 was pivotal for Outer Furniture. Seeking $750,000 for a 4% equity stake, the co-founders impressed the sharks with their innovative product and unique business model.
While the sharks were initially skeptical about the company’s $18.75 million valuation, Jiake and Terry were able to defend their position, citing their recent funding round and impressive sales projections. Ultimately, Lori Greiner emerged as the winner, offering a $750,000 loan at 3% interest and 5% equity, plus a $30 per unit royalty until $1 million was paid back.
| Shark | Offer Details | Response |
|---|---|---|
| Lori Greiner | $750,000 loan at 3% interest, 5% equity, $30/unit royalty until $1 million is paid back | Deal accepted |
| Kevin O’Leary | $750,000 for 20% equity | Offer declined |
| Daymond John | No offer | No deal |
| Anne Wojcicki | No offer | No deal |
| Mark Cuban | No offer | No deal |
Outer Furniture Shark Tank Update:
Unfortunately, the deal with Lori Greiner did not close, but this setback did not deter Outer’s growth. The company continued to raise funds, securing $4.3 million in 2020 and an additional $10.5 million in early 2021. These funding rounds, led by investors such as Sequoia Capital China and C Ventures, gave Outer the resources it needed to expand its product offerings and distribution.
What Happened To Outer Furniture After Shark Tank?
Outer’s performance during the COVID-19 pandemic was nothing short of remarkable. As people sought to create comfortable outdoor living spaces, the company’s sales skyrocketed, experiencing a staggering 1100% increase from 2019 to 2020. This surge in demand allowed Outer to solidify its position in the market and continue its rapid growth.
Outer Furniture Net Worth:
OuteFurniture’s net worth has grown exponentially since its Shark Tank appearance. 2024, the company’s net worth is estimated to be over $100 million. This impressive valuation is a testament to Outer’s ability to capitalize on market trends, secure significant funding, and execute its ambitious growth plans.
| Annual Revenue (2023) | $45 million |
|---|---|
| Total Funding Raised | $65 million (including multiple rounds) |
| Showrooms | 500 showrooms in 49 states |
| Products | Outdoor sofas, chairs, tables, rugs, firepits, covers, ottomans |
| Materials | Aluminum, steel, teak wood |
Outer Furniture Growth and Operations:
With over $65 million raised in funding, Outer has been able to invest heavily in product development, expand its distribution network, and diversify its offerings. The company now has a diverse portfolio of outdooFurniturere, including tables, rugs, fire pits, and more, catering to various customer preferences. Additionally, Outer has established a network of over 500 showrooms across 49 states, allowing customers to experience the products firsthand before purchasing.
Outer Furniture Marketing and Sales:
Outer’s marketing strategy has been a critical driver of its success. By leveraging social media platforms and collaborating with influencers, the company has built a strong brand presence and connected with its target audience. Additionally, Outer’s unique “peer-to-peer showroom” concept, where customers can earn money by hosting product demonstrations, has proven a highly effective sales tactic, further boosting the company’s visibility and customer acquisition.
Outer Furniture Social Media Presence:
OuteFurniturere has a robust social media presence, with a significant following on platforms like Instagram, Facebook, and Pinterest. The company’s visually compelling content, showcasing its products in stunning outdoor settings, has resonated with its audience and contributed to its growing brand awareness.
Outer Furniture Interesting Facts:
- Outer’s co-founders, Jiake Liu and Terry Lin, have diverse backgrounds that complement each other – Jiake’s tech expertise and Terry’s design experience.
- The company’s patent-pending “OuterShell” technology, which protects the Furniture from the elements, has been a critical differentiator in the market.
- Outer’s “peer-to-peer showroom” concept has been a unique and successful sales strategy, setting it apart from traditional furniture retailers.
What’s Next For Outer Furniture?
As Outer Furniture continues solidifying its position as a leader in the outdoor furniture industry, the company’s sights are set on further expansion and innovation. With a solid financial foundation, Outer plans to invest in developing new product lines, exploring international markets, and expanding into the commercial sector, catering to hotels, restaurants, and other hospitality venues.
Final Words:
OuteFurniture’s journey from a Shark Tank appearance to a $100 million empire is a remarkable feat of entrepreneurial success. By staying true to their vision of reinventing outdooFurniturere, Jiake Liu and Terry Lin have built a brand that has captured the hearts and wallets of consumers across the country. As Outer Furniture continues to chart new territories and push the boundaries of what’s possible in the outdoor living space, the future looks bright for this innovative and disruptive company.
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