Taeillo, a Nigerian furniture e-commerce store startup, has secured a funding of $2.5 million from Aruwa Capital, an early stage growth equity fund.
The startup’s business model is built on fulfilling their furniture needs at a fraction of the importation price and reduced delivery time.
It began local furniture maker, adding cultural elements to its products to give it an African touch. Its initial targets were businesses but started servicing customers during the pandemic in 2020 as many walk-in stores were shut down.
According to the founder and CEO Jumoker Dada, the startup’s story changed with the success of its Amakisi work table. Before then, it had sold only 200 pieces of furniture since it began operating in 2018, however, the table sold 1,000 pieces in six months.
Backed by its initial seed funding of $165,000 from CcHUB Growth Capital, Montane Capital and B-Knight, it expanded into Kenya. In 2021, CcHUB Syndicate gave it another $150,000 in a bridge round because it succeeded in tripling its revenue year-over-year.
Taeillo has grown to having over 5,000 customers and it is facing supply challenges as it can no longer provide all the products and has to rely on other manufacturers.
Dada commented that it is trying to deal with supply issues by changing crude suppliers for more reliable ones and partnering with logistics companies to improve delivery. It is also working on pre-manufacturing some of its best-selling products to meet 3-5 days delivery schedules instead of waiting until clients place orders before it begins making the products.
“We’ve done a lot of work with less. So now, we want to get outstanding talent that will take us to the next growth stage. Also, we want to increase our market share, optimize operations, hack our supply chain and ensure that customers have a great experience,” Tarillo CEO said about what it plans to do with the Aruwa funding.
It is also planning to launch a flexible payment product and VR tech for marketing.
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