The Malaysian marketplace for new and overstocked materials for interior design and renovation, HOMA Sdn Bhd (HOMA2u), revealed that it has raised an additional $625,000 in its pre-series A funding round from Asia Fund X.
Asia Fund X, supported by MSW Ventures and headed by Pavilion Capital, has joined HOMA2u’s investor roster, the company announced in a statement.
Quest Ventures Asia Fund II, Worldwide Management Solutions, and Qhazanah Sabah Berhad (QSB), the strategic investment branch of the Sabah state government, are among the company’s current backers.
HOMA2u has now successfully raised $1.5 million in its Pre-Series A round with this addition.
The company’s tracking efforts for carbon reduction and its plan to expand outside of its home market will both benefit greatly from this funding.
HOMA2u stated that the company is reiterating its environmental commitment in order to achieve notable, quantifiable results. The company is dedicated to sustainability as a primary business driver.
To this purpose, HOMA2u will work with regionally certified environmental consultants to quantify the carbon footprint impact of repurposing overstock materials along the supply chain.
Notably, by avoiding disposal and lowering the demand for new tile production, each sale of overstock tiles saves roughly 16.42 kilogram (kg) of carbon dioxide (CO2) per m².
Using accepted industry standards and best practices from science, the carbon reduction at HOMA2u is carefully measured.
By establishing new industry standards and providing green certificates to the businesses it collaborates with, HOMA2u guarantees an extensive and transparent accounting of its carbon footprint.
Over 8,000 homes have benefited from more than MYR 20 million ($4.24 million) in overstock inventories thanks to HOMA2u.
Homa established an objective to reduce carbon emissions by 7.5 million kilograms by the end of 2024.
“As HOMA2u commemorates its seven-year journey, it stands now at the precipice of a new era, driven by innovation and sustainability,
“Our vision for HOMA2u remains to redefine the business landscape for the built environment, but we are also cognizant of the sustainable impact we bring to the table,” said Pennie Lim, Co-Founder and Chief Executive Officer (CEO) of HOMA2u.
