China Digest: Outdoor furniture brand Outer raises $50m; BEASTER nets over $30m

Photo: Randy Fath / Unsplash.com

Capital Today has led a $50 million Series B round funding in US outdoor furniture brand Outer, while apparel brand BEASTER has raised over 200 million yuan ($30 million) in its maiden round of financing.

Capital Today leads $50m funding in Outer

Hong Kong-based Capital Today has led a $50 million Series B round funding in Outer, a US direct-to-consumer  (DTC) outdoor furniture brand.

The round attracted new investors including Tribe Capital, Adrian Cheng’s C Ventures, and Upfront Ventures. Returning investors Sequoia Capital China, and Mucker Capital Mantis VC among others continued to back the fresh funding, per a company statement on Friday. 

Outer said that the latest market valuation has increased tenfold from the previous funding round. Outer had closed its $10.5 million Series A round from Sequoia Capital China, Mucker Capital, Shein, and Plum Ventures in January 2021. 

Outer, which was co-founded by Chinese-Americans Terry Lin and Jiake Liu in 2018, designs and sells novel outdoor furniture. The brand is based in California, US and it has built manufacturing and supply chain teams in mainland China. It also has set up factories in Indonesia and India.

BEASTER nets over $30m in debut round

BEASTER, a new generation apparel brand targeting young consumers, announced on Friday that it has raised over 200 million yuan ($30 million) in a maiden round of financing.

The round was led by INCE Capital, an internet consumer industry-focused investment firm launched by Qiming Venture Partners’ ex-managing partner JP Gan in 2019. Other investors include TMT-driven China Meridian Capital and Belle Investment. Taihecap facilitated the transaction, it said in a WeChat post. 

BEASTER is a fast fashion brand that sells chic and affordable clothes to Chinese teenagers through omni-channel retailing. Last year on Double 11, China’s largest online shopping carnival, BEASTER generated over 200 million yuan ($30 million) via Tmall. 

BEASTER forecasts that its online sales earnings will exceed 1 billion yuan ($155 million) by the end of this year. It also has 13 brick-and-mortar stores across seven cities. 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.