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Singapore-founded home interior platform Livspace gets US$70m Series C funding
LIVSPACE, a Singapore-founded home interior and renovation platform, has raised US$70 million in Series C funding led by global investment funds TPG Growth and Goldman Sachs.
Existing investors Jungle Ventures, Bessemer Venture Partners and Helion Ventures also participated in the round.
The deal is said to mark the largest Series C round raised by a business-to-consumer (B2C) e-commerce company that is operating in India, and to be among the largest such rounds in South-east Asia.
The startup will use the funds to expand to six new Indian metro areas by 2019 - taking the total number of markets it operates in to 13 - and deepen its presence in existing markets.
Livspace also plans to grow its "offline footprint" through its recently upsized Livspace Design Centers, the company's experiential stores. In addition, Livspace will continue to invest in the growth of its design partner community, which includes interior designers and small design studios, as well as its vendor community which comprises brands, contractors and service partners.
New home interior solutions and products will be launched for both homeowners and design partners, said the startup. These will be delivered through Livspace’s proprietary design-to-installation platform, Canvas.
Livspace’s gross revenue reportedly more than quadrupled over the last 18 months. To-date, the company is said to boast the region’s biggest seller community in the industry, having attracted applications from 25,000 interior designers and small design studios, 10 per cent of which are now certified partners.
Launched in 2015, Livspace delivers interiors (including kitchens, walk-in closets, furniture and decor) and provides contracting services ranging from flooring and false ceilings to painting. Livspace completes a home interior project every two hours, it said.