Truvalu makes Classical Handmade Products IKEA ready

“A great step ahead with a major impact on the lives of many people and families,” says social entrepreneur Jaap-Jan Verboom of Truvalu enthusiastically. “Classical Handmade Products BD is one of the companies we invest in in Bangladesh through our subsidiary in that country. With the support of Invest International, Truvalu has succeeded in allowing Classical Handmade Products to take a big step forward.”

“Together with fellow investor Fair Factory Fund, we have invested in share capital in Classical Handmade Products. The company has thus expanded its capacity. The additional financing from Invest International has been used for training in marketing, professionalizing management and improving the supply chain. This has led to IKEA being able to purchase the products. A good example of the power of working together: our private investment capital together with the financing of Invest International ensured the right result.”

Classical Handmade Products makes sustainable, handmade home accessories such as rugs and baskets from natural fibers and recycled clothing. The cooperation with Truvalu and improving exports contribute to the creation of local jobs. The company is very committed to improving the quality of life for its employees, mostly underprivileged women or men and women with disabilities.

Classical Handmade Products makes sustainable, handmade home accessories such as rugs and baskets from natural fibers and recycled clothing. The cooperation with Truvalu and improving exports contribute to the creation of local jobs. The company is very committed to improving the quality of life for its employees, mostly underprivileged women or men and women with disabilities.

In 2021 IKEA contacted Classical Handmade Products because they ‘love’ the products and want to introduce them to the European market.

“IKEA includes rugs, baskets, coasters and placemats in the collection. We are very proud to work together with the Classical Handmade Products team and director Tauhid Salam”, says Jaap-Jan.

Challenge: professionalize a local company (start-up/SME), create visibility for their products to generate interest in the European market and stimulate export.

Solution: supporting financing in addition to private investment capital whereby Invest International has deployed the Dutch Good Growth Fund (DGGF), which has been awarded to Truvalu.

Impact: the investment contributes to the creation of local jobs, the professionalization of SMEs and the concrete sale of sustainable, recycled products. It contributes to SDG 8 (Decent work and income), SDG 9 (Industry, innovation and infrastructure), SDG 12 (Responsible consumption and production) and SDG 13 (Climate action).

Invest International uses financing to give a company or product a push in the right direction. Investment Manager Anne Ligthelm: “Invest International helps entrepreneurs with financing, of course if there is a solid business case with sufficient local impact abroad. You can do that directly, but in this case Truvalu is called in as a partner.”