DIY home improvement projects offer a mindful, fun, and productive alternative to other forms of entertainment and have gained a lot of popularity during the pandemic. For most people, homes now mean school, work, and leisure all combined. This has resulted in huge growth for the home improvement industry and is expected to reach $514.9 billion by 2028. OHouse, an interior home decoration app, from the house of South Korean start-up Bucketplace is riding this new wave with a $182 million series D interview.
Bucketplace plans to use the funds to quicken its growth in South Korea and break into new markets in Southeast Asia. An Augmented Reality (AR) option is also in development to help consumers to see decor in a real-time setting.
Coming from its humble background as a community for designers to share interior designs, Bucketplace now offers a lot of services related to residential space, home improvement, maintenance, and pickup, including furniture delivery and even garbage disposal services. They have recently introduced a next-day delivery option and connect users with more than 5000 remodelling companies.
With more than 10 million visiting users, every month, the start-up is growing rapidly and claims more than 20 million downloads in South Korea.
CEO Jay Lee refused to touch upon the company’s valuation but expert sources peg the amount including the latest series D valuations at around $1.4 billion.
The series D round witnessed the participation of giants like Mirae Asset Captial, IMM Investment, Korea Development Bank, BRV Capital Management, Bond Capital, Vertex growth, a VC funded by sovereign fund Temasek and SoftBank Ventures Asia.