A Malaysian online store for building supplies and home furnishings called HOMA Sdn Bhd (HOMA2U) revealed on Tuesday that it had raised $875,000 for pre-series A funding.
According to a statement from HOMA2U, the investment round was spearheaded by Quest Ventures Asia Fund II, an early-stage venture capital fund run by the venture capital firm Quest Ventures Pte Ltd in Singapore.
This is the second check for HOMA2U from Quest Ventures Asia Fund II.
Worldwide Management Solutions and Qhazanah Sabah Berhad (QSB), the Sabah state government’s strategic investment division, are also participants in the investment round.
The funds, per the statement, will support HOMA2U’s regional expansion plans, which aim to take advantage of a market that is rapidly expanding, accelerate product development, and raise the company’s market capitalization value, all while working to advance a circular economy within the renovation and interior design sectors.
In order to achieve its goal of becoming a MYR100 million ($22.42 million) annual revenue-generating company before 2025, HOMA2U will also use the investment to support its growth acceleration and scaling plans.
Along with helping more people achieve their ESG goals through their Yellow Boxes and online platform, HOMA2U will use the funds to help more people strengthen their commitment to environmental, social, and governance (ESG) sustainability.
HOMA2U plans to focus its efforts on opening a total of 18 Yellow Boxes across Malaysia and Singapore in an effort to triple the size of the company.
The Yellow Boxes, which are mobile pop-up stores, are hailed as Malaysia’s first unmanned interior product showrooms and provide visitors with offline-to-online purchase services.
As early as Q32023, HOMA2U plans to open Singapore’s first Yellow Box.
Considering the larger context of economic pessimism that the real estate market is currently experiencing, HOMA2U’s founder and chief executive officer, Pennie Lim, said the new funding is a positive sign of health for HOMA2U.
She claims that by making this investment, HOMA2U will be able to better serve its clients’ needs for convenience and value as they renovate their homes.
“We know that customers want renovation solutions that are seamless and engaging, with everything available under one roof,” she said.
She added that the funding will allow the business to carry out its plans to make high-quality, reasonably priced, and environmentally friendly home interiors and renovation products easily available to everyone, essentially providing a comprehensive solution and wholesome experience for them.
“At HOMA2U, we do not just stop there. We also help our customers meet their ESG sustainable goals and practices from a design and aesthetic point as well as from the impact of the renovation materials on our environment,” she added.
There are currently 20 team members at HOMA2U working on marketing, customer service, and business development.
