Singapore Interiors Platform Livspace Takes Home US$90M Series D

The funds will enable Livspace to grow operations in the Asia Pacific market

Singapore-based home interior design and renovation platform Livspace has secured US$90 million in an oversubscribed Series D round of funding, the company announced in a statement today.

Lead investors in the round include Swiss private equity investments management firm Kharis Capital, and growth investment firm focused on the Indian and Southeast Asian consumer space Venturi Partners, the statement said.

Participating investors included Livspace’s existing backers Ingka Investments, investment arm of IKEA owner Ingka Group, American private equity firm TPG Growth, Goldman Sachs, alternative investments fund UC-RNT and American venture capital investor Bessemer Venture Partners.

They were joined by new investors Singapore-based global fund EDBI, and FFP, the parent company of Peugeot Group, the statement added.

“Our relationship with our new investors, who are best-in-class in Europe and Southeast Asia, dates back a few years and we are very excited to finally partner with them,” CEO and Co-founder of Livspace Anuj Srivastava said in the statement.

He added that the company’s vision “is to build the world’s most innovative home interiors renovation platform… This new round of investment goes on to endorse our vision and our innovative platform approach.”

Livspace noted in the statement that the fresh funds will enable the company to further develop its tech platform, drive market expansion, create new market offerings, and expand its supply chain and private labels in the Asia Pacific region by 2021.

The company is looking closely at Australia, Malaysia and Indonesia as well as the Middle East as potential markets for expansion, owing to what the company said was a fragmented interior and renovation industry in these regions.

Livspace is also looking to expand within India, including in the northern cities of Kolkata, Lucknow, and Ahmedabad.

“The Livspace model is unique and allows us to launch new offerings and expand to new markets rapidly and efficiently,” Srivastava said in the statement.

“Our secret sauce is our ability to digitize the very large and complex home improvement industry verticals and integrate thousands of contractors, designers, home improvement professionals, and some of the largest brands and OEMs (original equipment manufacturers) on our platform,” he added.

Livspace was founded in 2014, and launched its operations in Bengaluru, India, the next year. The company scaled its operations to the Singapore market in October last year.

The company’s platform offers end-to-end interior services, connecting homeowners with studios and vendors, and addressing the interiors process right from design to delivery and installation.

“Livspace’s full-stack data-powered platform improves efficiency across the residential remodeling lifecycle by digitalizing the supply chain for vendors and homeowners,” CEO and President of EDBI Swee Yeok Chu said in the statement.

“In addressing the evolving needs of tech savvy consumers and businesses, Livspace is contributing to the digitalization of our local built environment (sic) industry,” she further said.

The company has designed over 20,000 homes and has raised over $200 million to date, the statement noted. It had previously raised $70 million in its Series C round of financing in 2018, led by TPG Growth and Goldman Sachs, followed by a venture round of about $10-15 million from Ingka Investments last year.

Since the funding, Livspace has recorded 4x growth in its revenues, doubled its margin, and has been able to commence operations in Singapore as a gateway to its Asia Pacific expansion, the statement noted.

It added that the company’s gross revenue run rate crossed the $200 million mark in February this year. Moreover, Livspace is expected to be worth half a billion dollars in the next 24 to 30 months, although its India operations are expected to become profitable only next year, the statement noted.

“We strongly believe that Livspace is poised to be the most successful company in the online home improvement space, which is collectively a market worth multi-hundreds of billion dollars,” Managing Partner at Venturi Partners Nicholas Cator noted in the statement.

“Their strength lies in the deep moats that they have created in areas such as their technology innovation, brand salience, ever-expanding supply chain and ability to build attractive unit economics across markets,” he added.

Header image courtesy of Livspace

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