HOMA2U, a Malaysian marketplace for renovation and interior design materials, has secured $875,000 in its pre-series A funding.
Quest Ventures Asia Fund II led the investment round, with participation from Worldwide Management Solutions and Qhazanah Sabah Berhad (QSB), the strategic investment arm of the Sabah state government.
This investment marks Quest Ventures Asia Fund II’s second contribution to HOMA2U.
HOMA2U plans to use the funds to accelerate its regional expansion, develop new products, and expand its market capitalisation value.
Additionally, HOMA2U will leverage the funds to amplify ESG sustainability and help customers achieve their ESG goals through their Yellow Boxes and online platform.
HOMA2U aims to grow the business threefold and will focus its efforts on opening 18 Yellow Boxes throughout Malaysia and Singapore.
HOMA2U’s Yellow Boxes are touted as Malaysia’s first unmanned interior product showrooms, offering offline-to-online purchase services for visitors. The company is planning to establish its first Yellow Box in Singapore as early as Q32023.
According to Pennie Lim, Founder and CEO of HOMA2U, the funding will help the company deliver on its plans to make high-quality, affordable, and sustainable home interiors and renovation products easily accessible to all.
Lim’s deep experience, having served the renovation and interior design community for over five years, coupled with HOMA2U’s modern-day retail showroom concept, has enabled the company to undertake an entirely new perspective and technical automation approach that is swiftly changing the landscape of these industries region-wide.
HOMA2U now has 20 team members working on business development, customer service, and marketing.
HOMA2U’s Co-Founder and Chief Strategy Officer, James Yeoh, added that sustainability is ingrained into the work that they do and the solutions they offer.
The company’s strategy includes acquiring building materials and interior finishing products from unused renovation materials, discarded materials, and ageing stocks from merchant brands that are refurbished.
The investment will allow HOMA2U to tap a wider market, enabling the company to create environmental impact regionally.
The participating investment companies strongly believe that this synergistic partnership will further fortify HOMA2U’s strengths in revolutionising an archaic industry and an untapped market with vast potential.
The funds will also reinforce Singapore’s commitment to reducing its carbon footprint and support its ESG sustainability goals.
HOMA2U has previously secured a series of funding amounting to RM2.4 million (USD 567,000) from Warisan Quantum Management as well as ScaleUp Malaysia with investment partner, Quest Ventures Pte Ltd, where HOMA2U emerged as one of the top 10 startups in the ScaleUp Malaysia’s Accelerator programme Cohort 2.
The company also bagged first place in the Alibaba Global Startup Contest 2021 and received several other accolades in 2022, including the Top 3 prize for the JCI Creative Young Entrepreneur award and the Top 3 Nominee for EY Female Entrepreneur of the Year. – AsiaTechDesk.com