BROOKLYN, N.Y., Oct. 30, 2020 /PRNewswire/ -- Uhuru Design, a Brooklyn-based New American Design furniture designer and manufacturer, today 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.
Uhuru has been focused on multi-disciplinary, sustainable design since its founding in 2004 as a high-end custom furniture company. Over the past 10 years, the company has advanced its reputation as a full-service interior design firm with high-profile projects in the commercial, residential and hospitality sectors—including 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."
Boasting a vibrant, influential following of tastemakers and designers, Uhuru offers clients and architect and designer partners access to a global audience seeking a deeper connection with the products they use and the spaces they inhabit. As the trailblazer for New American Design—a bespoke maker movement originated in New York, the company has gained attention for its sustainable approach, utilizing reclaimed and found materials through a narrative design process. By merging bespoke design with streamlined production methods, Uhuru creates and delivers unique interior solutions that live at the apex of work and life.
"At Uhuru, we believe each piece should be conceived, designed and produced to add to the greater good of the world, and we've built collection after collection based on this belief," said Jason Horvath, co-founder, chief creative officer and president of Uhuru. "We are a leader in the New American furniture design movement, and we will continue to push forward with an aggressive growth strategy, while remaining true to our focus on craft, sustainability and innovative design."
Today, Uhuru has design pieces in the Smithsonian American Art Museum and in the Brooklyn Museum's permanent collection and has won numerous awards for its functional high design products. For more information visit: https://www.uhurudesign.com/
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SOURCE Uhuru Design