HOMA2U, a Malaysian marketplace for renovation and interior design materials, announced today that it has secured $875,000 (RM3.87 million) in its pre-series A funding round.
The investment was led by Quest Ventures Asia Fund II, a venture capital fund managed by Singapore-based Quest Ventures Pte Ltd, and included Worldwide Management Solutions and Qhazanah Sabah Berhad (QSB), the strategic investment arm of the Sabah state government.
This marks Quest Ventures Asia Fund II’s second investment in HOMA2U.
HOMA2U plans to use the funds to expand regionally, accelerate product development, and increase its market capitalisation value. The company aims to promote a circular economy within the renovation and interior design industry by helping more people achieve their Environmental, Social, and Governance (ESG) sustainability goals through its Yellow Boxes and online platform.
HOMA2U intends to grow the business threefold by opening a total of 18 Yellow Boxes throughout Malaysia and Singapore. Yellow Boxes, Malaysia’s first unmanned interior product showrooms, offer offline-to-online purchase services for visitors. HOMA2U expects to establish the first Yellow Box in Singapore by Q3 2023.
Jeffrey Seah, Asia Fund Partner at Quest Ventures, praised HOMA2U’s innovative approach to breaking into the traditionally oligopolistic building, construction, and renovation markets, using digital capabilities and data interoperability to offer their solutions to the masses.
The fresh funding will also support HOMA2U’s growth acceleration and scaling plans to achieve its goal of generating RM100 million in annual revenue before 2025. Founder and CEO Pennie Lim stated that the investment demonstrates confidence in HOMA2U’s health despite the current economic pessimism in the property market. She emphasized the company’s commitment to providing customers with seamless, engaging renovation solutions that are high-quality, affordable, and sustainable.
Co-Founder and Chief Strategy Officer James Yeoh added that HOMA2U’s focus on sustainability includes acquiring building materials and interior finishing products from unused renovation materials, discarded materials, and ageing stocks from merchant brands that are refurbished, offering customers a worry-free approach to sustainable renovation.
By integrating environmentally friendly practices and social responsibility into their business offerings, HOMA2U hopes to set new standards in design and sustainability, helping more individuals and businesses bolster strategies to achieve net zero carbon emission targets. – BusinessNewsAsia.com