Outer Shark Tank Net Worth
Outer, an outdoor furniture company that appeared on Shark Tank, was valued at more than $18 million dollars during the show. As of 2022, Outer is valued at $100 million.
The founders of Outer, Terry Lin, and Jiake Liu, have a net worth of 23 Million USD as of 2022. It is believed that Outer has a net worth of $18 billion.
What is Outer and Who is the founder of Outer?
Outer is a company that specializes in high-end wicker outdoor furniture, including cushioned sofas, coffee tables, and other accessories such as cleaning supplies and outdoor furniture covers.
The company was founded in 2017 by co-founders Terry Lin, who serves as the Chief Design Officer, and Jiake Liu, who is the CEO.
Terry Lin graduated from the Rhode Island School of Design with a degree in furniture design and has extensive experience in senior executive roles, including marketing, retail sales, product creation, and information technology.
Jiake Liu is a University of Alabama graduate and has built a fortune as an angel investor in several start-up companies, including being part of the founding team that created Baidu.com.
The company’s goal is to reimagine outdoor furniture and the way it is marketed. They offer an outdoor sofa that is the core of their business, made up of 2-5 piece portions that can be configured in various ways.
The sofa features all-weather wicker, stain-resistant textiles, memory foam cushions, and an integrated cover to protect it when not in use. By eliminating showrooms, Outer is able to keep its prices lower than competitors.
They utilize their customers’ backyards as showrooms, allowing potential purchasers to see the furniture in its natural environment and speak with people who already own it. The company pays its local showroom hosts a fixed fee, eliminating any sales pressure in the conversations.
Outer sells exclusively online and has “showrooms” in Southern California. 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 Shark Tank pitch
The two co-founders of Outer sought assistance from Shark Tank investors to expand their market. Terry and Jiake requested $750,000 for a 4% ownership stake in their company, which was valued at $18.75 million.
The company had been generating revenue for four months and had already made $800,000 in sales. However, the Sharks were hesitant about the valuation, which Terry and Jiake explained was based on the market size.
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.
Two Sharks expressed interest in investing. 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.
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.
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. 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. They ultimately went with Lori’s offer and made a deal.
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. 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.
In total, they raised $15 million from angel and venture capital investors. The latest round of funding will be used for material research and the development of new products.
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.
Despite 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.
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 projected $45 million in lifetime revenue by July 2021, and have become popular with the venture capital community.
In September 2021, they completed a $50 million Series B financing round with Capital Today, Tribe Capital, C Ventures, and Upfront Ventures.
Competitors of Outer
Muebles Roal, Rapport Furniture, Oyami Furniture, and Interbois are among Outer’s main competitors. Outer is an outdoor furniture firm that sells directly to consumers.
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Net Worth of 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 FAQs
What is Outer?
Outer is a firm that provides a variety of high-end wicker outdoor furniture such as cushioned sofas, coffee tables, and more. Along with cleaning supplies and outdoor furniture accessories like rugs, toss cushions, and coverings.
Who is the founder?
The co-founders are Terry Guo and Jiake Li. Terry previously worked as a software engineer at Baidu, and Jiake was the designer of outdoor furniture at Pottery Barn.
How much were asking on Shark Tank?
They asked for $750,000 for a 4% stake in the business, which was valued at $18.75 million.
Did they get the deal?
Yes, Lori Greiner offered $750,000 loan at 3% interest for a 5% ownership, plus a $30 per unit royalty until she receives the whole $1 million.
Is Outer still in business?
Yes, Outer is still currently in business and has been since the pitch in 2019.
What do they sell?
Outer offers a variety of high-end wicker outdoor furniture such as cushioned sofas, coffee tables, and more. Along with cleaning supplies and outdoor furniture accessories like rugs, toss cushions, and coverings. Outer sells directly to consumers.
What was their valuation based on?
The valuation was based on market size. They believed that the market was worth that amount because there are many tourists and homeowners interested in wicker furniture.
How many employees does Outer have?
They have 74 people on staff.
When was it started?
The company was started in 2017.
Where Can I Buy Outer Furniture?
Outer is only sold online.
Does Outer accept PayPal?
Yes, Outer accepts PayPal.
What is the refund policy?
If customers are not satisfied, they can return their product for a full refund. They must notify Outer within 10 days of receiving their order.
They will receive a full refund for the items or $10 for any returns due to proof of purchase. All products must be in original condition and packaging no more than one year after purchase date.
Inner must be returned in original packaging.
What is the net worth of Terry Guo?
Terry Guo’s net worth is unknown.
What is the net worth of Jiake Li?
Jiake Li’s net worth is unknown.
