Bambeco Inc said it was able to secure USD 4.5 million in its first institutional funding round. The financing was led by New Atlantic Ventures. Maryland Venture Fund also participated in the fundraising. Team in Training Founder Bruce Cleland and other environmentally conscious angel investors also supported Bambeco. As part of the transaction, New Atlantic Ventures Co-Founder and Managing Partner Thanasis Delistathis would join the Board of Directors of Bambeco.
Bambeco is a company that curates and sells earth-friendly furniture, home accessories and gifts. The company uses recycled, reclaimed, organic and natural materials for its products.
Bambeco said it would use the proceeds its fundraising to develop their national-in house design capabilities. It would also use the funds to introduce private label products and further its sales and marketing efforts.
According to Thanasis Delistathis, Bambeco seeks to address the need of a particular set of customers. "Bambeco is addressing a large, passionate and loyal set of consumers who traditionally have struggled to find sustainable products for their home - from glassware and gadgets to furniture and décor. Americans spend more than $157 billion annually on home furnishings, yet 61 percent report they can't find eco-friendly options," Delistathis said.
Join the Conversation