Furniture designer Uhuru gets $7 million to boost up e-commerce presence
November 16, 2020 | 10:40 am CST
BROOKLYN, N.Y. - Uhuru Design, a Brooklyn-based New American Design furniture designer and manufacturer, has announced the closing of $6.9 million in private capital to support its national business-to-business and dealer network and significantly expand its fast-growing direct-to-consumer business. The raise includes a significant cash investment as well as an expanded credit facility and access to additional resources to support organizational growth and go-to-market strategies. Terms of the deal were not disclosed.
Beginning in 2004 as primarily a high-end custom furniture maker, Uhuru soon ventured into the commercial and hospitality markets. The company has provided furniture and interior design work for Nike, Shake Shack, NBC, and Vice Media.
"The timing of this capital raise was critical to allowing us to lean into the "resimmercial" or work-from-home market that exploded in the wake of COVID-19, while also shoring up our U.S.-based manufacturing that has struggled with intermittent shutdowns and talent shortages," said Leo Lucisano, CEO of Uhuru Design. "It's remarkable to complete a transaction in the current environment, let alone secure funds for near-term and long-term growth, and it's a testament to the Uhuru team, our product differentiation and our design heritage."
"We are already leveraging this funding to support the launch of new direct-to-consumer products and to support our B2B and dealer and rep channels as our efforts over the last year to build out national distribution pay off, and we make New American Design accessible to design-centric companies and home-office customers alike. We are excited and grateful for our new partners and for the future of the residential and commercial furniture and design markets."
Uhuru manufactures its custom furniture line at its main Pennsylvania location and other workshops, but fills larger volume orders in Vietnam. Its custom line largely features reclaimed wood.
Have something to say? Share your thoughts with us in the comments below.