Bucketplace, a South Korean business that owns the OHouse home decoration and interior app, is hoping to capitalize on the trend with its most recent US$182 million Series D financing on May 9, 2022.
Bucketplace raised a US $1.4 billion Series D investment at a post-money valuation ( 2 trillion KRW). The current round nearly doubled the eight-year-old company’s worth, bringing the total raised to over US $261 million. Bucketplace last raised US $70 million in November 2020, valued at US $890 million, according to reports.
Bucketplace, as a later-stage firm, will use the fresh capital to accelerate its growth in South Korea and expand into other areas such as Japan, Southeast Asia, and the United States.
Bucketplace also plans to hire more tech experts to assist with developing an augmented reality (AR) component for its platform, which will allow customers to imagine things such as furniture or décor in their own homes.
SoftBank Ventures Asia, Singapore’s Vertex Growth, a VC sponsored by sovereign wealth fund Temasek, Bond Capital, BRV Capital Management, Korea Development Bank, IMM Investment, and Mirae Asset Capital are among the investors in the Series D round.
Interior designers and home improvement hobbyists could publish images of their homes to share their remodeling experiences when the app first launched in 2016. Users may then browse many posts and buy products they liked right from the app. Its business model is comparable to Houzz, which has a swarm of online showrooms as well.
Now, the company wants to offer a wide range of services that include practically every aspect of homeownership, from home improvement to home repairs and maintenance to furniture delivery, moving services, and even rubbish pickup.
OHouse has created a next-day furniture delivery service that allows customers to choose the date and time of delivery. It also offers services that connect people with more than 5,000 home remodeling companies.
According to the corporation, the venture is fast expanding, with 10 million users using the platform each month via the app and website. According to Bucketplace, OHouse has been downloaded over 20 million times in South Korea.
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