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Nigerian-based startup, Taeillo, announced its $2.5 million in “expansion” funding from Aruwa Capital, a Nigeria-based early-stage growth equity and gender-lens fund.
Founded by Jumoke Dada in 2018, Taeillo is an online furniture eCommerce store.
It sources raw materials from local suppliers and manufactures furniture pieces from sofas and beds to chairs and tables, which it sells to individuals and businesses.
Taeillo says it has struggled to meet demand due to the popularity of some of its furniture among the Nigerian millennial and working-class demographics, taking months to deliver products on multiple occasions.
According to Dada, one of the reasons for long wait times is due to working with third-party providers, which include suppliers and logistics services.
So, the company intends to use the funds to reduce delivery times to about 3-5 days by pre-manufacturing some of its best-selling furniture rather than waiting until customers place orders before starting production.
The investment will also help the company expand its “Pay with Flexi” product, which allows customers to buy furniture and pay in installments.
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