Outer Furnitures is a kind of furniture company founded and established by Terry Lin and Jiake Liu in the year 2017. Both the founders appeared in Shark Tank season 11, episode 8 and pitched for their business in front of the sharks. This company offers various types of outdoor furniture like Modular Chairs, Chaise Lounges, Dining Chairs, Ottomans, Sectionals, and Sofas and loveseats. This outdoor furniture is comfortable and reliable to use.
The main aim of developing this Outer Furnitures is to cater to customers who need to sit outside the house in their free time and relax on the sofas and chairs. As the company Outer Furnitures was founded in the year 2017 and COVID started in the year 2019 when we all are spending time with our family in our homes that’s the time when these people turn disaster into opportunity by developing outdoor items of furniture and this is how Outer Furnitures are recognized by people.
About Outer –
Outer Furnitures is basically a California-based outdoor furniture company that manufactures different types of outdoor furniture. They currently offer products like Modular Chairs, Chaise Lounges, Dining Chairs, Ottomans, Sectionals, and Sofas and loveseats.
All the products offered by Outer Furniture give the next level of comfort with unique configurations.
Update on Shark Tank Pitch of Outer furnitures?
Outer Furnitures Co-founders Jiake Liu and Terry Lin both asked the sharks for $750k for 4% equity and they explained the details to the sharks about their product and told them about the features and speciality of the product
Jiake holds 60% of the company, Terry holds 25% and Jiake’s family holds 15% share. This is the easy breakdown of 100%.
Various Sharks offered them deals but in the end, Shark Lori Greiner made an offer of a $750,000 loan at 3% interest for 5% equity and a $30/unit royalty until $1 million is paid back which was accepted by Jiake and Terry.
At Present Update on Outer’s Business –
The Outer furniture company was founded in the year 2017 and the growth in terms of sales also started happening within the company’s beginning. At present, the company is making revenue of millions of dollars every year. The headquarters of this company is situated in Santa Monica, California, United States, and works with 11-50 employees.