![]() The company promises to offer the world’s most comfortable, durable, and innovative outdoor sofa.ĭuring the pitch, the sharks were impressed with the concept of Outer sofas but thought that the pitch was overvalued. Outer is an outdoor furniture company that aims to combat common problems consumers have with their outdoor sofas and chairs. They were seeking $750,000 for 4% equity in their company. Jiake Liu and Terry Lin appeared on Season 11 Episode 8 of Shark Tank to pitch their outdoor patio furniture company, Outer. The company was valued at $18.75 million during the pitch, since then the company has been performing well in sales and raising funds from Ventures which might made the company net worth to elevate in 2021. Outer is an outdoor furniture firm that sells directly to consumers. Muebles Roal, Rapport Furniture, Oyami Furniture, and Interbois are among Outer’s main competitors. In September 2021, they completed a $50 million Series B financing round with Capital Today, Tribe Capital, C Ventures, and Upfront Ventures. They projected $45 million in lifetime revenue by July 2021, and have become popular with the venture capital community. They opened 500 showrooms in 49 states at the beginning of 2021, and plan to increase that number by the end of the year. They plan to expand beyond outdoor seating to tables, loungers, and chairs, and to actively promote their products to hotels, restaurants, and other tourism sites in need of high-quality outdoor furniture.ĭespite the challenges posed by the Covid-19 pandemic, the company saw a 1,000% increase in revenue from $1.1 million to $12.2 million in 2019. The latest round of funding will be used for material research and the development of new products. In total, they raised $15 million from angel and venture capital investors. The company continued to raise capital, and in June 2020 they raised $4.3 million, followed by an additional $10.5 million in January 2021. Terry, Jiake, and Lori were thrilled to have made a deal on Shark Tank, but ultimately the deal with Lori did not come to fruition. They ultimately went with Lori’s offer and made a deal. Lori countered with a $750,000 loan at 3% interest for a 5% ownership stake, plus a $30 per unit royalty until she received the full $1 million. Terry and Jiake countered with a $750,000 loan for a 4% equity share and a $20 royalty on each unit sold until the loan was paid. Kevin revised his offer to a $750,000 loan for a 5% equity share and a $20 royalty on each unit sold until he received $1 million. Kevin offered $750,000 in exchange for a 20% stake in the company, while Lori proposed a $750,000 loan for a 10% equity share and a $20 per unit royalty until she received the full $1 million. Two Sharks expressed interest in investing. The Sharks were skeptical, but the co-founders assured them that they did not have any inventory costs because Terry’s family funded their factory’s inventory. However, the Sharks were hesitant about the valuation, which Terry and Jiake explained was based on the market size. The company had been generating revenue for four months and had already made $800,000 in sales. Terry and Jiake requested $750,000 for a 4% ownership stake in their company, which was valued at $18.75 million. The two co-founders of Outer sought assistance from Shark Tank investors to expand their market. Their prices may seem high, but they offer a ten-year frame warranty, five-year wicker and cushion guarantees, and a 365-day money-back guarantee, making it a better deal when considering these added benefits. Outer sells exclusively online and has “showrooms” in Southern California. It is believed that Outer has a net worth of $18 billion. The founders of Outer, Terry Lin, and Jiake Liu, have a net worth of 23 Million USD as of 2022. How Has The Outer Performed Since Appearing On Shark Tank?.What Was The Outcome Of The Outer Pitch On Shark Tank?.What Materials Does Outer Use For Their Outdoor Furniture?. ![]() What is Outer and Who is the founder of Outer?.What Happened To Happi Floss After Shark Tank?. ![]()
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