Taeillo, a Nigerian-based African furniture brand, has raised $2.5 million in equity funding to expand the delivery of innovative, affordable, and locally manufactured furniture to homes and businesses across the continent.
Aruwa Capital, a growth equity fund investment firm, led the funding round and will contribute the entire $2.5 million investment, joining the startup’s other existing investors.
With this new funding, Taeillo hopes to enhance the client experience and promote continental growth. It also plans to launch new products, provide better services and deploy resources to drive expansion into more markets like East Africa and the diaspora.
Founded in 2018 by Jumoke Dada, the furniture brand has grown to become a leading innovative African furniture business with scores of designers and a household name in Nigeria.
The furniture brand is on a mission to provide well-designed, functional, durable, affordable, and sustainable home furnishing solutions to Africans.
The business is also using technology and prototype labs for corporate and furniture delivery. Also, the business is utilizing AR and VR to alter the furniture shopping experience in Africa.
The company raised a total of $315,000 in initial funding, allowing it to build its first prototype lab and run the pilot of its AR/VR program to improve customer shopping experiences.
The business currently operates in Nigeria and Kenya and is looking to expand its product reach to other countries in Africa. Speaking on the impact of the fund, Jumoke Dada, Taeillo’s founder said,
This partnership with Aruwa Capital will take us one step closer to realizing our vision of becoming the IKEA of Africa by producing high-quality, and ready-to-assemble furniture pieces made in Africa at an affordable price for the mass market; while streamlining our business processes and improving our customer experience.
To date, Taeillo has delivered more than 10,000 pieces of furniture to more than 5,000 clients in both markets. The company just introduced Paywithflexi, a program that lets users buy furniture on credit.
Aruwa Capital in support of Women entrepreneurial growth
Aruwa Capital Management is a growth equity fund investing in untapped opportunities in Nigeria and across West Africa. It was founded and
The idea behind it was that women have an untapped chance to invest in underserved economic sectors with a natural competitive advantage because of the gender gap in capital allocators.
With their agenda focused on women, this fund investment is a significant boost for Taeillo’s founder Jumoke Dada and other African female founders building products and services for the continent.
Speaking on the investment, Adesuwa Okunbo Rhodes, Founder & Managing Partner of Aruwa Capital, said,
We are thrilled to announce this investment into Taeillo as it aligns with nearly all of our investment objectives. Since inception, the Company has maintained its innovative model in a traditional brick and mortar industry, creating a unique value proposition for its customers in a fast-growing, underserved market. By leveraging technology in its value chain.
The furniture brand, Taeillo is in line with Aruwa’s gender lens investing strategy plan especially as it is founded and led by a woman, and has a 50% female representation in its management team.
Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!