Tech

Nigeria’s furniture startup, Taeillo, secures $2.5 million in seed funding for expansion

Published

2 years ago

December 16, 2022

Nigeria’s online furniture startup store, Taeillo, has secured a $2.5 million funding round from Aruwa Capital, a growth equity and early-stage investor, the company announced on Thursday.

Founded in 2018 by female entrepreneur Jumoke Dada, the furniture startup has increased its clientele base significantly and has become the go to store for lovers of bespoke pieces of furniture.

Taeillo was launched with a seed funding of $165,000 from investors such as CcHUB Growth Capital, Montane Capital and B-Knight.

According to Dada, Taeillo initially targeted businesses only, but its model changed to a “direct-to-customer” model as the Covid-19 pandemic ravaged throughout 2020 and reduced walk-in clients.

“Taeillo sources raw materials from local suppliers and turns them into beautiful furniture pieces such as sofas, beds, chairs and tables which it then sells to individual customers and businesses. This model allows us to execute as both a manufacturer and retailer.

“It was more or less like an opportunity met preparation because, at that time, many people were at home, and the leading furniture brands were not online to serve them.

“Traditional showrooms were locked up too, so that was an opportunity for brands like us to position ourselves and prove that they could buy furniture online without necessarily going into showrooms,” the CEO said.

“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, “ Dada added.

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Tech

DR Congo sues tech giant Apple over illegal mineral exploitation

Published

15 hours ago

December 18, 2024

Isaac Dachen

The Democratic Republic of Congo (DRC), has filed a criminal case against the European subsidiaries of tech giant, Apple, accusing them of illegal mineral exploitation and allegedly using “blood minerals” in its supply chain.

In the suit filed on Tuesday, the DRC alleges that Apple has bought contraband supplies from the country’s conflict-ladden east and Rwanda, zones in which it allege the materials are mined illegally and then integrated into global supply chains before ending up in tech devices.

The DRC suit specifically mentioned Apple subsidiaries in France and Belgium, accusing the tech giant of using conflict minerals in its supply chain.

The DRC is a major source of tin, tantalum, and tungsten which are used in electronic devices, with some mines controlled by armed groups responsible for human rights violations.

International lawyers representing the African country’s government have accused Apple’s local subsidiaries of taking these minerals from conflict areas and laundering them through international supply chains, with one lawyer telling journalists that Belgium had a moral duty to act given its history of exploiting the country’s resources under colonial rule.

However, in its response, Apple claims it conducts supplier audits and does not directly source primary minerals.

https://www.thenews.com.pk/print/1262670-dr-congo-sues-apple-over-alleged-illegal-mineral-exploitation

Tech

Moroccan retail-tech startup Z raises $1.5m to drive intense growth

Published

4 days ago

December 15, 2024

Isaac Dachen

Morocco-based B2B retail-tech marketplace, ZSystems, has announced closing a $1.5 million seed funding round which will see it carry out its ambitious expansion dreams.

In a statement by co-founder and CEO, Meriem Benabad, the funding round was led by Morocco-based Venture Capital firms, MNF Ventures (through its MNF II fund), Witamax (through Fund II and III), Cash Plus Ventures, and Kalys Ventures.

“This funding marks a pivotal moment for Z, as we aim to scale operations and bring cutting-edge solutions to traditional retail.

“Our vision is to empower small businesses and unlock growth across Morocco and Africa,” Benabad said.

According to Benabad, the newly acquired capital will support Z’s technology development, product catalogue expansion, and preparation for its next growth phase.

“Z is reshaping the retail landscape by integrating technology and innovation across the value chain. Its scalable platform empowers traditional retailers and brands with direct access to consumers, reviving competitiveness in traditional trade (hanouts), which accounts for 85% of the FMCG market,” he added.

Founded in 2022 by the trio of Benabad, Samer Choumar and Youssef Ait-Haddouch, Z’s platform empowers traditional retailers and brands with direct access to consumers, reviving competitiveness in traditional trade (hanouts), which accounts for 85% of the FMCG market.

Since launch, the startup has helped over 15,000 active retailers, and seen more than 800,000 orders placed.