Americans invest more than 90% of every day indoors on average. Nevertheless, around 82% of American house owners are more thinking about remodeling their outside living spaces than they were prior to the pandemic, based on a current study, Outer co-founder and CEO Jiake Liu informed TechCrunch.
About 54% of property owners have made at least one home improvement in the backyard because the outbreak of COVID-19, while millennials, the biggest house-buying group now, are prepared to take less square feet within, or even provide up a bed room, to get a little bit of outside space, Liu stated.
COVID-19 caused a “flight from density” throughout the U.S., meaning millions of Americans fled from big cities to suburbs to escape the coronavirus pandemic. This trend has actually led to more market chances in the outdoor entertainment industry.
A Santa Monica-based direct-to-consumers (D2C) outside furniture start-up company, Outer, announced today its $50 million Series B financing to assist more people around the world to bring their lives back outside. The company was established by CEO Liu and Chief Style Officer Terry Lin in 2019.
The Series B round was led by Capital Today’s creator Kathy Xu, with participation from People Capital, C Ventures and Upfront Ventures. Existing investors, consisting of Sequoia Capital China, Mucker Capital, Mantis VC and Reimagined Ventures, likewise joined in the round.
This fundraising, which comes about eight months after Outer’s $10.5 million Series A round in January, brings its overall financing to $65 million.
The fresh financing will be utilized to cement its position in the outside living industry as they establish brand-new sustainable products, develop an environment-friendly supply chain and broaden their item offering and neighborhood, Liu said. Outer is currently hiring a variety of roles to enter global market this year and will announce a tactical international launch in October, Liu informed TechCrunch.
“We are dealing with brand-new, environment-friendly materials, plastics and concrete to change the industry requirements that currently pollute our environment,” Liu stated. The business’s effort in sustainable products isn’t stopping at recycled plastics however working towards carbon neutrality, and has actually set its objective of becoming carbon negative in the future, he described.
“Since the beginning, the Outer team has demanded focusing on sustainability. Terry and his team have pioneered brand-new fabrics and environmentally friendly designs to ensure resilience doesn’t come at the expenditure of ecological duty. The group is establishing sustainable fabrics, plastics and concrete that will become the new market gold requirement,” stated Capital Today’s founder Kathy Xu.
Its special function is its Area Display room program, allowing buyers to visit the houses of neighboring Outer clients to experience External items in more than 1,000 places in 49 states since today, which has actually grown from 50 locations in 13 states in 2019. Outer’s direct-to-consumers (D2C) company does not need middlemen like distributors, sellers or brick-and-mortar showrooms.
The worldwide furniture market was approximately $17.8 billion in 2018 and is predicted to grow to $26.6 billion 2027, Liu stated. The U.S. outside living market is estimated at $33.4 billion in 2021, based upon a report by Freedonia.
“Outdoor items have long been an afterthought and their poor style has been a serious barrier to time spent outside. Outer’s sustainable and thoughtful products are already altering the way consumers interact with their outdoor areas,” Xu said, adding that Outer is tackling real consumer issues, from filthy, wet outside cushions to pesky mosquito bites, with its options.
“Jiake and his team have actually taken a product-focused method to establish Outer as a go-to premium furnishings brand — — driving quick development and attractive unit economics,” said People Capital partner Sri Pangulur.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.