Capital Today Leads Round to Accelerate Product Expansion and Materials Development
SANTA MONICA, Calif., September 16, 2021--(BUSINESS WIRE)--Outer, the fastest growing direct-to-consumer home brand of 2020, today announces the close of a $50M Series B investment round. The new investment was led by Kathy Xu of Capital Today along with Tribe Capital, C Ventures, TRAC VC, and Upfront Ventures. Existing investors, including Sequoia Capital China, Mucker Capital, Mantis VC, Unpopular Ventures, and Reimagined Ventures also participated in the round. Outer raised $10.5M in Series A funding in January 2021, bringing the startup’s total funding to $65M.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210916005276/en/
Co-founders of direct-to-consumer home brand Outer, Jiake Liu (left) and Terry Lin (right). (Photo: Business Wire)
Outer was named the fastest growing home brand of 2020 by SimilarWeb and Business Insider, experiencing a 1000%+ increase in sales amid the pandemic. Outer’s unique Neighborhood Showroom™ program, which allows shoppers to visit the homes of nearby Outer customers to experience Outer products firsthand, has grown from 50 locations in 13 states in 2019 to more than 1,000 locations in 49 states today.
"When I first met Jiake, we talked for 3 hours," said lead investor Kathy Xu of Capital Today. "His mission to get people outside was simple, but powerful. Consumers are now acutely aware of the importance of outdoor living and Outer’s rocketship growth is a testament to the thoughtful design behind every product. The company is breathing new life into an industry that has long been an afterthought -- and their recent success is just the beginning."
The new funding will be used to cement Outer’s position as the leading brand for outdoor living as they develop new sustainable materials, build an eco-friendly supply chain, and expand their product offering and community. The startup plans to expand internationally before the end of the year and is currently hiring across a variety of teams and roles.
"Our work in sustainable materials isn’t stopping at recycled plastics," said Outer’s CEO Jiake Liu. "We are working on new, eco-friendly fabrics, plastics, and concrete to replace the industry standards that currently pollute our environment. We are currently working towards carbon neutrality and have set our sights on becoming carbon negative in the future."
With the average American spending more than 90% of their time indoors, Outer is on a mission to help people live better outside. Best known for creating the world’s most comfortable outdoor sofa and patented OuterShell®, Outer’s design team, led by co-founder and Chief Design Officer Terry Lin, has since created two new outdoor furniture collections and multiple accessories. The brand has quickly become a favorite of tastemakers, including Martha Stewart, Beverly Mitchell, Patrick Schwarzenegger, and Alex Pall and Drew Taggart of The Chainsmokers. Outer’s most recent launches include the Teak Collection, Aluminum Collection, and Bug Shield Blankets.
"I first invested in Outer a little over three years ago and am now investing as a member of Tribe Capital," said Sri Pangulur, Partner at Tribe Capital. "Outer is an extraordinary combination of superior product, efficient marketing, and scalable supply chain. We look forward to partnering with Outer as it continues to execute on its ambitious roadmap and redefine the fast growing outdoor living space."
Outer creates durable, smart, and eco-conscious outdoor furniture designed to help people live better outside. Our pieces are crafted from the highest-quality materials in the world, and are built to withstand all that nature (and life!) has to throw at them. We reimagine the outdoor living experience from the ground up; researching, prototyping, and testing until we’ve created innovative new solutions, such as our patented, built-in OuterShell® cover. And we’re redefining retail with our revolutionary Neighborhood Showrooms™, where you can experience Outer products in the backyards of real Outer customers in your neighborhood. Intrigued? Learn more at liveouter.com/careers.
About Kathy Xu
Ms. Xu has 26 years of experience in venture capital investments in China. She has led many successful investments, including JD.com, MeiTuan-Dianping, Ganji.com, Zhihu, Three Squirrel online Snack Food Brand, Nuts Snack Food Chain, Yifeng Pharmacy Chain, First Grocery Chain, Xinsheng Social Commerce, Dingdong On-line Grocery, and Boss Direct etc.
Ms. Xu founded Capital Today in 2005 with the vision to help Chinese entrepreneurs build No.1 brands in China. Ms. Xu is a strong believer in "the power of branding" and "the power of compounding". She is dedicated to helping Chinese entrepreneurs with Capital Today’s "Three Weapons" - building the brand, building the team, and building the KPI & Culture.
Ms. Xu was recognized as a leading global venture capitalist in "The Midas List" from 2019 to 2021 by Forbes. She was also named one of the "China Top Venture Capitalists" by Forbes from 2008 to 2020, and "No.1 Female Investor in China" from 2018 to 2020 by Forbes. Prior to Capital Today, Ms. Xu was a partner and the China Head at Baring Private Equity Partners Asia, and worked at Peregrine Direct Investments. She is an honorary trustee of Nanjing University where she received a bachelor’s degree.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210916005276/en/