Expanded investment allows Outer to aim past outdoor furniture and rugs.
In the midst of the pandemic, Outer, a direct-to-consumer outdoor furniture brand, has secured a significant investment to fuel its growth. The funding round, led by Sequoia Capital China, totals $10.5 million.
This investment comes at a time when many brands in the industry are struggling to stay afloat. However, Outer's success is attributed to its online sales model and the current boom in the furniture industry.
With the new funds, Outer plans to expand its product assortment beyond furniture and rugs. The brand is set to introduce coffee tables, chaise loungers, dining sets, and more, aiming to become an "outdoor lifestyle brand."
The expansion of Outer's product line and commitment to sustainability may appeal to younger consumers. The brand's 1188 Rug Collection, launched last fall, focuses on sustainability, using reclaimed plastic water bottles in its production. The range of plastic water bottles used in each rug varies from 441 to 1,188 bottles.
Outer also plans to use the funds to add to its sustainability commitments, expand its Neighborhood Showroom model, grow its workforce, and focus on product research and development. This expansion of showrooms is expected to increase the number of unique showrooms to more than 1,000 locations.
The Neighborhood Showrooms now offer virtual product showings due to the pandemic, allowing customers to explore the brand's offerings from the comfort of their homes.
Other investors in the round include Andy Katz-Mayfield and Jeff Raider (co-founders of Harry's), Justin Kan (Twitch founder), and Scott Tannen (founder of Boll & Branch). Specific details about the ownership stakes of these investors were not available in the search results.
Outer's sales have increased 1000% from the previous year, and the brand expects annual sales to surpass $12 million this year. With this new investment, Outer is poised to continue its growth and make a significant impact in the outdoor furniture industry.
