During the worst days of the pandemic, when people were stuck at home and craving some form of entertainment, many turned to DIY home improvement projects in addition to another TV show.With the home now simultaneously being a place to work, go to school and relax, the DIY home improvement market is growing so fast that globally, it is expected to reach $514.9 billion by the end of 2028up from $333.7 billion in 2021.
Korean startup Doudiwhich operates a home decor and interior app mansion, The startup’s co-founder and CEO Jay Lee said in an interview with TechCrunch on Monday that it hopes to continue capitalizing on this trend with its recent $182 million Series D funding round.
As a late-stage company, Bucketplace will use the fresh capital infusion to accelerate its growth in South Korea and enter new markets such as Japan, Southeast Asia and the United States, Lee told TechCrunch. Bucketplace also intends to hire more tech experts to help its platform develop augmented reality (AR) capabilities to help consumers visualize products such as furniture or décor in their own homes, Bucketplace said.
The funding comes just months after Bucketplace bought Singapore-based online furniture platform HipVanLee said the company will continue to pursue acquisition opportunities and strategic partnerships in Korea and overseas markets.
“Eight years ago, OHHouse was just a community for sharing interior design content,” says Lee.
When the app launched in 2016, interior designers and home improvement enthusiasts could post photos of their homes and share their renovation experiences. Users will then peruse various posts and buy their favorite items directly from the app.Its business model is similar to Huzi, There are also plenty of online showrooms among them.
Lee told TechCrunch that now the startup aims to offer a variety of services covering almost everything in the residential sector, from home improvement, home repair and maintenance to furniture delivery, moving services, and even laundry services.
Last June, OHHouse launched next-day furniture delivery, allowing users to choose the date and time they want to receive their furniture. In addition, it provides services that help users connect with more than 5,000 home improvement companies.
Lee didn’t say when he hopes to release OHouse’s AR capabilities, but it will involve users uploading photos of their homes to see how a piece of furniture will look in the space. If users want to buy furniture, all they have to do is click on it, which will take them to the seller’s website, Li said.
The startup appears to be growing rapidly, with 10 million monthly users accessing the platform through apps and websites, the company said. Bucketplace also claims that OHouse has been downloaded more than 20 million times in South Korea.
Lee declined to comment on Bucketplace’s valuation, but according to people familiar with the matter, Bucketplace raised its Series D round at a post-money valuation of about $1.4 billion. The latest funding round, which totaled about $261 million, nearly doubled the valuation of the eight-year-old company.bucket last Raised $70 million In November 2020, the valuation was reportedly around $890 million.
Investors in the Series D round include SoftBank Ventures Asia, Singapore’s Vertex Growth, a venture capital firm backed by sovereign wealth fund Temasek, Bond Capital, BRV Capital Management, Korea Development Bank, IMM Investment and Mirae Asset Capital.