Outdoor furniture-maker Outer Inc. netted $50 million in Series B funding, bringing its total raised to date to $65 million. The Santa Monica-based company, which sells patio sofas and sectionals ranging in price from $2,000 to $10,000, will use the money to develop new sustainable materials, build an eco-friendly supply chain and increase its number of product offerings. It also plans to expand internationally before the year’s end.
Terry Lin and Jiake Liu founded Outer in 2017 and raised $4.3 million in seed funding in June 2020, followed by $10.5 million in Series A in January.
West Hollywood-based Power Beauty Co., doing business as Merit, picked up $20 million in a Series A funding round led by private equity firm L Catterton in Connecticut. Marcy Venture Partners and Sonoma Brands also participated in the round. The funding “underscores strong investor confidence in Merit’s success and consumer interest in the simplification of beauty routines, and the investment will accelerate Merit’s rapid expansion into an omni-channel, cross-category beauty brand,” the company said in a statement.
Tradesy Inc., a Santa Monica-based company that operates a namesake marketplace for secondhand designer clothing and accessories, raised $67 million in Series D funding and plans to use it to expand into menswear.
Tracy DiNunzio, Sash Catanzarite and John Hall launched Tradesy in 2012 and have since grown the company to 140 employees. Previous fundraising rounds included a $30 million Series C in 2015, a $13 million Series B in 2014 and a $1.5 million Series A in 2012.
