Outer Furniture Net Worth – What happened after Shark Tank?
What is Outer Furniture?
High-end outdoor furniture.
Outer Patio offers a wide variety of premium outdoor furniture from wicker. The selection of furniture includes sofas, coffee tables and more. In addition, Outer Furniture also has a variety of care products and outdoor furniture accessories such as rugs, throw pillows and covers.
The business was developed with the mission to reinvent outdoor furniture and how it is sold.
What is Outer Furniture’s Net Worth?
Company Name |
Outer Furniture |
Owners |
Jiake Liu and Terry Lin |
Shark |
Lori Greiner |
Equity |
5% |
Royalty |
Up to $1 million |
Investment |
$750,000 |
Location |
Santa Monica |
Net worth |
$18 billion |
Who is The Owner of Outer Furniture?
Jiake Liu and Terry Lin are the owners of Outer Patio.
Terry Lin graduated at the Rhode Island School of Design and currently finds himself and the Chief Design Officer for Outer Furniture. He also has experience in marketing, retail sales, product design and IT.
Jiake Liu is the CEO of outer patio, which was founded in 2017 and made a living as an angel investor to a few start-up businesses.
Why is Outer Furniture so Popular?
Outer Furniture has reinvented the industry in terms of how they sell their product. They keep their competitive prices low by eliminating the need for showrooms.
You can order the furniture online but if you want to see the furniture, you can arrange a viewing with a “neighborhood showroom” – which are real customers backyards.
In addition, Outer pays a fixed rate to their neighborhood showroom hosts which eliminates the pressure of bringing commission into the conversations.
In addition, the furniture is eco-friendly, and has a 100% ethical production!
Shark Tank Appearance – Did It Go Through?
Jiake and Terry entered the Tank seeking $750,000 for 4% equity. They immediately impressed the Sharks with their numbers, making $800,000 in just four months.
However, the Sharks did question the valuation of the company. With all the facts at hand, Terry and Jiake reassure the sharks that the valuation is based on market size.
In addition, they also mention that the company has no overhead costs as Terry’s family covers the inventory costs from their factory.
The business duo get offered a deal from two Sharks. Kevin offered $750,000 for 20% of the business, not long after Lori counters with an offer of $750,000 load for 5% equity and $30 per unit royalty until $1 million is paid back.
After some consideration Terry and Jiake accept the deal Lori offers!
Where is Outer Furniture Company Today?
The deal with Lori has not close. Currently, the business continues to make money and at the outset of 20211, Outer Furniture have a lifetime revenue of $45 million.
Since the airing of their Shark Tank episode, Outer Furniture has received a great deal of attention. Especially from large businesses such as Forbes, GQ Entrepreneur and more.
Conclusion
Thanks to its durable, sleek, and versatile furniture, Outer Furniture has become a great success and has expanded to over 1000 showrooms.
