oHouse, a Seoul-based lifestyle platform that enables customers to source and purchase goods for their homes, announced that it has secured $182M in Series D funding. According to TechCrunch, the company has raised funding at a valuation of $1.4B (approximately 2T KRW)
The round was led by prominent investors, including SoftBank Ventures Asia, BRV Capital Management, Vertex Growth, BOND, Korea Development Bank, IMM Investment, and Mirae Asset Capital.
The announcement comes seven months after acquiring Hipvan, an online furniture platform in Singapore to expand its presence throughout Southeast Asia. To date, oHouse has secured $261M in funding.
Bucketplace raised $77M Series C funding in November 2020 led by BOND Capital at a valuation of $890M.
How will the funding be used?
The South Korean company will use the funds to grow its team to accelerate global expansion. Currently, the company is focusing on other markets like the United States and Western Europe.
Additionally, the company plans to incorporate machine learning and augmented reality (AR) functionality into its platform to transform users’ experience and create content, build community and buy and sell products and services.
“Eight years ago, oHouse was simply a community of people sharing interior design content with one another,” says Seungjae Lee, Founder, and CEO of oHouse.
He adds, “Today, we’ve grown into a global platform that brings users together to inspire one another to transform their lives. We’re creating solutions that can help our global user base with every design and style-related challenge that they’re facing, whether it be remodeling a bathroom, planning a dinner party, or setting up a home theater system.”
A lifestyle app
Developed by Bucketplace, oHouse is a lifestyle app that addresses problems related to the interior space by offering a myriad of services – an e-commerce store, home remodeling, furniture delivery, home tasks (repairing & installation), and moving services.
According to the company’s claims, every seven seconds, a furniture item is purchased on the oHouse platform, helping to drive annualised gross merchandise volume to a record $1.7B.
Having just expanded into new sub-verticals, oHouse now provides a suite of home services, including home remodeling, moving, installation, and repair.
“oHouse is not only transforming the home furnishing industry but also reshaping the e-commerce customer experience. We are thrilled to partner with the company’s innovative team to help oHouse advance towards its next chapter of growth,” says JP Lee, CEO of SoftBank Ventures Asia.