HOMA Sdn Bhd (HOMA2U), a Malaysian marketplace for renovation and interior design materials announced today (May 2) that it secured US$875,000 (RM 3.87 million) in its pre-series A funding.
The investment round was led by Quest Ventures Asia Fund II, an early-stage venture capital fund managed by Quest Ventures Pte Ltd. The investment round also includes Worldwide Management Solutions and Qhazanah Sabah Berhad (QSB), the strategic investment arm of the Sabah state government. This is Quest Ventures Asia Fund II’s second cheque for HOMA2U.
The funds will fuel HOMA2U’s regional expansion plans to capitalise on a fast-growing market, accelerate product development and expand its market capitalisation value, all while striving to promote a circular economy within the renovation and interior design industry.
HOMA2U will also channel the funds to help more people amplify their commitment to Environmental, Social and Governance (ESG) sustainability as well as help them meet their ESG goals through their Yellow Boxes and online platform. HOMA2U is working towards growing the business threefold and will be concentrating its efforts on opening a total of 18 Yellow Boxes throughout Malaysia and Singapore.
Touted as Malaysia’s first unmanned interior product showrooms, the Yellow Boxes are mobile pop-up outlets that offer offline-to-online purchase services for visitors. HOMA2U is looking to establish the first Yellow Box in Singapore as early as Q32023.
“The building, construction and renovation industries have traditionally been characterised as oligopolistic markets, making them near-impenetrable. HOMA2U has innovatively broken the market entry barriers and levelled the playing field using digital capabilities and data interoperability as ammunition. This has enabled them to offer their solutions to the masses around the clock, creating impact at every turn. This is the very fabric of the digital economy we espouse at Asia Fund II which is encapsulated as digital disruption without leaving anyone behind. We are thrilled to play a part in the journey of both the founders, Pennie and James,” said Jeffrey Seah, Asia Fund Partner at Quest Ventures.
The investment will also be used to support HOMA2U with its growth acceleration and scaling plans to realise its goal of becoming an RM100 million annual revenue-generating company before 2025.
Pennie Lim, the Founder and CEO of HOMA2U shared that the fresh funding is a positive sign of health for HOMA2U – considering the wider context of economic pessimism that the property market is currently experiencing. This investment will be part of HOMA2U’s push to ensure added value and elevated convenience for customers as they renovate their homes.
“We know that customers want renovation solutions that are seamless and engaging, with everything available under one roof. The funding will enable us to deliver on our plans to make high-quality, affordable and sustainable home interiors with renovation products easily accessible to all, essentially contributing to a total 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.”
Pennie’s deep experience, having served the renovation and interior design community for over 5 years, coupled with HOMA2U’s modern-day retail showroom concept, has enabled HOMA2U 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.
James Yeoh, Co-Founder and Chief Strategy Officer of HOMA2U added, “Sustainability is ingrained into the work that we do and the solutions we offer. We champion reducing, reusing and repurposing. This strategy includes acquiring building materials and interior finishing products from unused renovation materials, discarded materials and ageing stocks from merchant brands that are refurbished. This gives our customers a worry-free approach to sustainable renovation. This investment will allow us to tap a wider market, enabling us to make our footprint in Singapore and 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.