Nigerian -based Taeillo, an online furniture e-commerce platform , has raised $2.5 million funding from Aruwa Capital, a Nigeria-based early-stage growth equity and gender-lens fund.
Founded in 2018 by Jumoke Dada, The online Furniture and Lifestyle Brand designs and manufactures furniture by harnessing local resources and manufactures furniture pieces, such as sofas and beds ,chairs and tables, which it sells to individual customers and businesses .
Taeillo, founder Jumoke Dada 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.”
The investment seeks to “reduce the production and the delivery time to the shortest possible time and launch more products that more Africans will love and want.
Taeillo is also eyeing expansion into East Africa and the diaspora powered by the delivery of innovative pieces. “We want more homes and businesses in new markets to have a feel of our presence through our furniture”.
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 its 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, Taeillo has been able to achieve exponential growth in less than 2 years, achieving results that take traditional furniture companies decades to achieve. In line with Aruwa’s gender lens investing strategy, Taeillo is founded and led by a woman and has a 50% female representation in its management team. We are very confident in the Company’s ability to scale across Africa and are thrilled to be partnering with the team for the exciting journey ahead.”
Taeillo is committed to making every African home have at least a piece of its furniture. Recently, the business launched Paywithflexi ,a product that allows customers to pay in installments for furniture and already over 200 early subscribers have signed up for it.
