|SEASON 11 EPISODE 8|
|Pitch||premium outdoor patio furniture with a protective cover|
|Entrepreneur||Jiake Liu and Terry Lin|
|Asked For||$750,000 for 4%|
|Deal||$750,000 loan for 5% equity + $30 royalty up to $1 million|
What is Outer Furniture?
If the name didn’t give it away already, Outer Patio sells a selection of high-end outdoor furniture made from wicker in the form of cushioned sofa’s, coffee tables, and more. Along with care products and outdoor furniture accessories such as rugs, throw pillows, and covers.
Who Owns Outer Furniture?
Terry is a graduate of the Rhode Island School of Design. He comes with a lot of senior executive experience and has helped companies with marketing, retail sales, product design, and IT in his various roles.
Jiake is a University of Alabama graduate who made a living as an angel investor to several start-up businesses. Both men remain with the company in their current positions.
The concept for the company began with the idea for a re-imagined stylish outdoor sofa line. While on holiday in China, Jiake toured an outdoor furniture company, and impressed with what he saw, figured there was a gap in the market in the US.
He envisioned an outdoor sofa with an outer shell cover attached that you can pull over the seat cushions to protect it from the elements, both rain and UV sunlight. As well as being light, it has handles to make carrying it inside when not in use an easy task.
As mentioned on the company website, we spend 90% of our day indoors, often not utilizing our home’s backyards or patios—with any outdoor furniture left to rust. And no one wants to sit on soggy cushions after it’s rained.
Using LinkedIn, he reached out to Terry for inspiration, and the two soon set about developing the idea and the company, using investments from their respective families.
They also came up with the unique concept of paying current customers a commission fee to showcase outdoor furniture to other potential customers in a situation where a showroom isn’t available.
Once they went to market, they achieved a staggering $800,000 in sales in the first four months! With these impressive statistics, they decided to look for an investor to come on board.
What Happened After Shark Tank Update
Is Outer Still in Business?
With headquarters in San Francisco, the company known simply as Outer is still in business. They are a mini-empire of sorts in the outdoor furniture market, having pivoted to offering a wide selection of outdoor furniture, care products, and accessories.
As well as being purchasable online, they have over 1000 showrooms across the US to showcase their products. Clients can also arrange for a representative to meet them at their residence to discuss their needs.