SoftBank Ventures Asia, a vehicle for telecommunications and internet group SoftBank, has taken part in a $182m round for South Korea-based interior design platform operator Bucketplace, TechCrunch reported today.
Mirae Asset Capital, a vehicle for financial services provider Mirae Asset, contributed to the round, as did Temasek’s Vertex Growth unit, Bond Capital, BRV Capital Management, Korea Development Bank and IMM Investment.
Bucketplace did not disclose its valuation but sources privy to the development told TechCrunch that it has doubled to roughly ₩2 trillion ($1.4bn) post-money, the figure having been first reported by The Bell in April this year. The company has now raised $261m in total.
Founded in 2014, Bucketplace operates a mobile app dubbed Today’s House (Ohouse) that enables users to choose and execute home remodelling and renovation ideas, encompassing furniture, decorations and interior structure, among other areas.
Home improvement became popular during the covid-related lockdown measures implemented in many countries in 2020, and the market is expected to reach nearly $515bn by the end of 2028, up from $334bn seven years before, according to BlueWeave Consulting.
Other companies in the space that have raised corporate funding include Block Renovation, which completed a $50m series C round in November 2021 led by SoftBank’s Vision Fund 2. Thumbtack raised $275m five months before from investors including CapitalG, part of internet and technology conglomerate Alphabet.
Bucketplace will use the cash to expand its presence further in its home country and new markets including Japan, Southeast Asia and the United States, co-founder and chief executive Jay Lee told TechCrunch. In addition, it will increase headcount versed in augmented reality technology to enable users to preview furniture and accessories in their homes.
The news came in the wake of Bucketplace’s acquisition of Singapore-based furniture e-commerce portal operator HipVan in November 2021, and Lee added that the company intends to identify additional strategic M&S and partnership deals locally and globally.
Bucketplace last received $70m in series C funding in late 2020 at an $890m valuation from internet company Naver. Investment group Bond Capital led the round, investing together with IMM Investment, Mirae Asset Capital and Mirae Asset Venture Investment.
Naver had participated in Bucketplace’s $4.5m series B round in 2018. Prior funding details were undisclosed but Bucketplace said IMM Investment, Mirae Asset Capital and Mirae Asset Venture Investment were returning investors as of its series C round.
Image courtesy of Bucketplace.
