HOMA2U secures US$875k funding, eyes regional expansion
By Digital News Asia May 2, 2023
- The investment was led by Quest Ventures Asia Fund II
- Funds will be used for regional expansion plans, product development, and more
HOMA Sdn Bhd (HOMA2U), a Malaysian marketplace for renovation and interior design materials, announced today 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, a Singapore-based venture capital firm. 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, accelerate product development and expand its market value while promoting 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 investment will also be used to support HOMA2U reach its goal of becoming a US$22.425 million (RM100 million) annual revenue-generating company before 2025.
HOMA2U now has 20 team members working on business development, customer service and marketing.
Earlier in 2021, HOMA2U secured a series of funding amounting to US$538,047 (RM2.4 million) 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.
In addition to winning first place in the Alibaba Global Startup Contest 2021, the Malaysia Book of Records (MBR) awarded HOMA2U’s Yellow Boxes “Malaysia’s Smallest Self-service Material Showroom”.
HOMA2U is a Cradle Fund Coach & Grow Programme Cohort 5 alumni where Pennie Lim, its founder and CEO, was nominated for Women Entrepreneur of the Year for the cohort. HOMA2U emerged as a top 5 startup in Cohort 1 of the SITEC Selangor Accelerator Programme.
Among other accolades garnered by HOMA2U in 2022 include the Top 3 prize for the JCI Creative Young Entrepreneur award and the Top 3 Nominee for EY Female Entrepreneur of the Year.
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