Many people turned to DIY home improvement projects during the darkest days of the pandemic, when they were stuck at home and hungry for something to do rather than watch another TV show.
With the home becoming a place for business, school, and recreation, the DIY home improvement industry is expected to reach $514.9 billion by 2028, up from $333.7 billion in 2021.
Bucketplace, a South Korean firm that manages the OHouse home design and interior app, is attempting to capitalise on that growth with its most recent $182 million Series D round, according to the startup’s co-founder and CEO Jay Lee.
Bucketplace, as a later-stage company, would use the fresh capital to accelerate its growth in South Korea and expand into other areas such as Japan, Southeast Asia, and the United States, according to Lee.
Bucketplace also plans to hire more tech experts to help build an augmented reality (AR) feature for its platform, which would allow customers to see products like furniture or décor in their own homes, according to the company.
Bucketplace recently purchased Singapore-based online furniture platform HipVan, and Lee noted that the company will continue to look for acquisition opportunities and strategic alliances both in Korea and beyond.
“Ohouse was simply a neighbourhood of individuals exchanging interior design content material eight years ago,” Lee explained.
When the app was launched in 2016, interior designers and home improvement enthusiasts could upload photos of their homes to share their remodelling experiences.
Customers may then browse a wide range of postings and purchase devices directly from the app. Its business model is similar to Houzz, which also has a number of online showrooms.
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