Home interior platform nears unicorn status via $70mn funding

South Korea-based startup Bucketplace, an operator of home interior app OHouse, has raised $77 million in Series C funding, moving a step closer to achieving unicorn status, or a startup with an enterprise value of 1 trillion won ($899 million) or more. 

The funding was led by global tech investment firm BOND Capital, alongside existing investors Mirae Asset Venture Investment Co., Mirae Asset Capital Co., IMM Investment Corp. and Naver Corp.

The latest round of funding has pushed up the company’s enterprise value from 40 billion won to 800 billion won in just two years. The company plans to use the proceeds to boost its technology platform and further enhance user experience.

Bucketplace is the first Korea-based startup that Silicon Valley-based BOND Capital has invested in since its inception in 2018. BOND Capital was founded by Mary Meeker, a former partner at Kleiner Perkins, who is ranked as one of the most influential women in Silicon Valley.

Meeker is also referred to as the Queen of the Internet thanks to her Internet Trends Reports, one of the most highly anticipated annual reports for venture capitalists worldwide.

Bucketplace has drawn attention from venture capital firms in the US and China due to its high growth potential and the likelihood of Ohouse's success in overseas markets.

The company's enterprise value, which ranged between 100 to 200 billion won early this year, soared on the back of the COVID-19 outbreak as prolonged social distancing and a rise in working from home prompted a greater interest in interior decoration. 

“The company’s mission is simple — to improve people’s lives by making their homes more beautiful through a digital experience. We are excited to support them in this mission,” said Chae Daegwon, a general partner at BOND Capital.

Industry watchers are paying attention to how Bucketplace will expand its local service into overseas markets now that it has ties to BOND Capital, which boasts a robust global network.

OHOUSE REMAINS FRONTFUNNER AMONG INTERIOR PLATFORMS

Founded in 2014, the company offers an online-to-offline platform where users can peruse a wide selection of interior postings to find inspiration, discover new products and purchase them via the app. It also offers matching services for users searching for remodeling services.

Recently, Ohouse app recorded over 14 million downloads with its monthly gross merchandise value exceeding 100 billion won ($90 million).


Write to Jung-hwan Hwang at jung@hankyung.com
Danbee Lee edited this article.