The investment, led by Sequoia Capital China and backed by a number of existing and new stakeholders, will enable Outer to expand its team and double down on product research and development to expand its product offering beyond outdoor sofas and rugs, which it added in fall of 2020.
Additionally, this funding will “strengthen their commitment to sustainability through material development and grow their innovative showroom footprint to more than a thousand Neighborhood Showroom locations in 2021,” according to a release, which use real customer’s products and outdoor spaces as showrooms instead of traditional retail venues.
“There has been an enormous amount of love and support that our team has received from our customers who are asking for coffee tables, chaise loungers, dining sets and many more products from Outer,” said Jiake Liu, co-founder and CEO of Outer. “Our mission has always been to create beautiful, durable and innovative outdoor furniture focused on quality and sustainability. Now with backing from some of the world’s most visionary investors, we are even more eager and confident in our mission to bring more life outside.”
In addition to Sequoia Capital China, new funding comes from notable angel investors like Andy Katz-Mayfield and Jeff Raider, the co-founders of razor brand Harry’s; Justin Kan, founder of the streaming platform Twitch; Scott Tannen, founder of online bedding company Boll & Branch; and Alex Pall and Drew Taggart of electronic musical duo The Chainsmokers, who are investing via their newly announced Mantis Venture Capital. Some returning investors include Mucker Capital, Social Starts, Unlock Venture Partners, Overtime VC and Plum Ventures.
“We immediately recognized that Jiake and (the other co-founder) Terry’s focus on product details would lead to a portfolio of truly innovative and quality products,” aid Katz-Mayfield of Harry’s. “They think through every inch of a product, down to the screws and fabric yarns, and address problems that are hidden in plain sight, such as covering cushions with their clever OuterShell. Beyond that, we believe in their ambitious and compelling vision to change how we shop for home goods with their Neighborhood Showroom platform.”
The series A financing builds on a record-breaking year for Outer, which experienced 1,000% increase in sales over last year in the wake of new interest in outdoor spaces during the COVID-19 pandemic and related quarantine and stay home policies. Currently, Outer is predicting that its sales are set to exceed $12 million this year.
Outer is now actively recruiting for multiple positions to meet its new growth goals. Visit its website for more information.