Singaporean B2C interior design app secures US$70mn in Series C funding
May 20, 2020
Livspace, an ecommerce platform focused on interior design, has secured US$70mn in a funding round led by Goldman Sachs and TPG Growth
The Series C funding round was augmented by existing investors Bessemer Venture Partners, Helion Ventures, and Jungle Ventures, according to Tech in Asia.
Based in Singapore but operating in India, Livspace connects consumers to a curated list of 25,000 interior design specialists, renovation experts, and furniture manufacturers to aid in the design and realization of their dream interior spaces.
The Business Times said that 10% of Livspace’s community of experts are now certified partners.
Canvas, design-to-installation tech included within the platform, tailors the service to individuals by offering products and options based on their specifications.
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Livspace aims to use the raised capital to expand to six additional Indian cities, currently serving seven, and boost its offline operations with its Livspace Design Centers.
The Design Centers offer a physical alternative to the online platform, allowing customers to inspect décor and furniture products and organize in-person consultations with design experts.
Tech in Asia added that Livspace expects to earn US$100mn in annualized gross revenue by March 2019, and the firm “claims its gross revenue has more than quadrupled over the past 18 months”.
Livspace has also said that it “completes a home interior project every two hours”, the Business Times reported.