Bucketplace last raised $70 million in November 2020, at a valuation of approximately $890 million, as reported. The latest round, which brings its total raised to about $261 million, nearly doubled the eight-year-old company’s valuation.
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Lee declined to comment on Bucketplace’s valuation, but according to sources familiar with the situation, Bucketplace raised the Series D round at a post-money valuation of around $1.4 billion (2 trillion KRW). Bucketplace also claims that OHouse has been downloaded more than 20 million times in South Korea. The startup appears to be growing rapidly, with 10 million users visiting the platform each month across the app and website, the company says. If users want to buy the furniture, then they will be able to just click on it, which will bring them to the sellers’ website, said Lee. Lee didn’t say when he hopes to release OHouse’s AR feature, but it will involve users uploading photos of their homes to see how a piece of furniture would look within the space. Additionally, it provides services that help users to connect with more than 5,000 home remodeling firms. Last June, OHouse launched a next-day furniture delivery service, enabling users to choose the date and time they want to receive the furniture. Now the startup aims to offer a variety of services that encompass almost everything involved in the residential space, ranging from home improvement, home repairs and maintenance to furniture delivery, moving services and even a garbage can pickup service, Lee told TechCrunch. The funding comes just a few months after Bucketplace acquired Singapore-based online furniture platform HipVan, and Lee said that the company will continue to seek acquisition opportunities and strategic partnerships both in Korea and overseas markets. Bucketplace also intends to hire more tech specialists to help develop an augmented reality (AR) feature to its platform to help consumers visualize products like furniture or décor in their own homes, Bucketplace says.
South Korean startup Bucketplace, which operates a home decorating and interior app OHouse, is looking to continue capitalizing on that trend with its most recent $182 million Series D round, the startup’s co-founder and CEO Jay Lee said on Monday in an interview with TechCrunch.Īs a later-stage company, Bucketplace will use the new injection of funding to accelerate its growth in South Korea and enter into new markets, such as Japan, Southeast Asia and the U.S., Lee told TechCrunch. With the home now a place for work, school and leisure all at once, the DIY home improvement market has grown so significantly that globally, it’s expected to reach $514.9 billion by 2028-end, up from $333.7 billion in 2021.
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During the worst days of the pandemic, when people were stuck at home and starving for some form of entertainment beyond streaming yet another TV series, many turned to DIY home improvement projects.
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