Outer Shark Tank Update: What You Need to Know

The entrepreneurial roller coaster of Shark Tank often creates suspense and excitement for both contestants and viewers alike. Outer, the revolutionary furniture company, was no exception to this thrilling journey. 

Now, what is the Outer Shark Tank update? Their appearance on Shark Tank marked a turning point in their trajectory, leading to significant changes that propelled the company forward. After having the final deal on a $750,000 loan for 5% equity, $65 million is their lifetime worth. 

In this blog post, we will delve into Outer shark tank update and what happened to Outer after their Shark Tank experience. We’ll highlight the key milestones that shaped their success.

Outer Shark Tank Profile

Company Name	Outer
Founder	Terry Lin and Jiake Liu
Founded	2017
Product	An outdoor furniture company that produces sofas, coffee tables, rugs, through pillows, and covers
Asked For	$750,000 for 4% of business
Final Deal	$750,000 loan for 5% equity and a $30 per unit royalty until she gets $1M back
Shark	Lori Greiner
Episode (Shark Tank USA)	Season 11, Episode 8
Air Date	November 17, 2019
Business Status	In business
Website	https://liveouter.com/
Headquarters	Santa Monica, California, USA
Competitors	Muebles Roal, Rapport furniture, Oyami furniture, Interbois
Lifetime Worth (sales)	$65 million (estimated)
Go to Amazon	Buy Now
Watch on	Amazon prime

Outer Shark Tank Update: An Overview

Outer is a distinctive outdoor furniture company that has made a mark in the market with its innovative approach and top-quality products. They sell premium outdoor furniture, including sofas, chairs, tables, and accessories. 

The company was founded by two visionary entrepreneurs, Terry Lin, and Jiake Liu, in 2017. Unlike conventional showrooms, Outer doesn’t use brick-and-mortar locations to display its furniture. 

Instead, they leverage real customers’ backyards as showrooms. This revolutionary concept allows potential buyers to experience the furniture in authentic outdoor settings. Outer pays $20 to $40 for hosting. 

Outer On Shark Tank 

Outer Shark Tank episode 8 of season 11 was aired on November 17, 2019. Jiake Liu and Terry Lin, the owners of Outer, pitched their company that day. 

They were seeking a $750,000 investment for a 4% stake by explaining the unique features of their products, say, durability and extra comfort. Outer also claimed their sofas are manufactured from 100% eco-friendly materials.

Finally, they impressed sharks with their unique showcasing business model. At first, Sharks debuted the valuation of the company. But Terry and Jiake defended that the valuation depends on market size. 

Raymond John thought the valuation was too high. Anne Wojcicki was suspicious that Outer couldn’t significantly impact the market. Also, Mark Cuban didn’t believe investing in Outer would yield any worthy result. So, Raymond, Anne, and Mark left. 

After that, Kevin O’Leary showed his interest in taking part in the business. But his demand was high enough: $750,000 for a 20% company stake. Meanwhile, Lori Greiner proposed a more acceptable offer: The same amount for 10% of Outer. Plus, $20 royalty until $1 million is paid. 

Then, Kevin countered Lori’s offer. Lin and Liu negotiated with both of them. Finally, Outer decided to finalize the deal with Lori: $750k as a line of credit for 5% of the company plus a $30 royalty until $1 million is paid. 

What Happened to Outer After Shark Tank? 

Though Outer appeared on the show, negotiated with sharks, and concluded with a proposal, that deal didn’t close, unfortunately. But, the Outer after shark tank drew the market’s and consumers’ attention. 

Outer noticed a tremendous upgrade in fundraising. Within six months of the show, Lin and Liu raised $4.3 million. The next year (2021), they reached the milestone of a $10 million fund. They used this capital for further research and product development. 

And this didn’t come to an end by then. In a Series A fundraising round that was co-led by Sequoia Capital China, Outer raised an additional $10.5 million five months later. 

During their Series B round, which took place only a few months later, in 2021, notable investors like C Ventures, Capital Today, Tribe Capital, and others contributed $50 million to Outer.

Outer Net Worth

Outer has more than 500 showrooms in 49 states already. They’ve successfully fundraised $65 million after the outer shark tank update. And now, Outer today in 2023, Lin and Liu’s outer is worth over $100 million. 

Outer Sales Data 

Was Outer on shark tank? Yes, they appeared on Shark with a history of $800,000 in sales for the last four months. They’ve raised their revenue in the next few years. 

Now, it has an estimated yearly revenue of $24.1 million with 80 employees working for this fastest-growing company. Each employee has an estimated yearly revenue of $301,350. Overall, Lin and Liu’s Outer has $65M in total funding. 

Is Outer Profitable Now?

Yes, Outer is a small company with a broad dream. Their ambition is stepping forward. Outer boosted their sales by 1000% during the COVID-19 pandemic, increasing their sales. 

A survey claimed that 82% of Americans want to update their outdoor living space. However, Lin explained that no other Brands specialize only in outdoor furniture. Here, Outer made the change. 

To sum up, Outer is boasting their sales by occupying the growing market of outdoor business. Plus, their eco-friendly, durable products with neighborhood showrooms ensure their sustainability in the market. 

After understanding Outer’s journey post-Shark Tank, it’s fascinating to dive deeper into other unique products that have been showcased on the platform. For instance, Boost Oxygen offers pure recreational oxygen to alleviate altitude effects, enhance athletic performance, and more. Catch up with their story after the show in our Boost Oxygen Shark Tank update. If you’re keen on innovative apparel, GoGo Gear stands out with its stylish protective wear for motorcyclists. Learn about the highs and lows of their entrepreneurial journey in our GoGo Gear Shark Tank update.

Final Verdict

Outer’s Shark Tank appearance sparked remarkable progress. Although the deal with Lori Greiner wasn’t finalized, they garnered attention and raised substantial funds. With a net worth of over $65 million, Outer’s unique outdoor furniture approach, eco-friendly products, and surging sales.

Boasting a 1000% sales increase during the pandemic, their sustainable growth and customer-centric showrooms set them apart. Outer’s broad vision and dedicated focus on outdoor furniture fill a unique niche, solidifying its place in the industry.