Malaysian renovation and interior design marketplace, HOMA Sdn Bhd (HOMA2U), announced today that it has secured $875,000 in pre-Series A funding.
The investment round was led by Quest Ventures Asia Fund II, an early-stage venture capital fund managed by Singapore-based Quest Ventures Pte Ltd. Additional investors include Worldwide Management Solutions and Qhazanah Sabah Berhad (QSB), the strategic investment arm of the Sabah state government. This marks Quest Ventures Asia Fund II’s second investment in HOMA2U.
The funds will be used to fuel HOMA2U’s regional expansion plans, accelerate product development, and expand its market capitalization value, while promoting a circular economy within the renovation and interior design industry.
The startup aims to help more people achieve their Environmental, Social, and Governance (ESG) sustainability goals through its Yellow Boxes and online platform. The company plans to open a total of 18 Yellow Boxes throughout Malaysia and Singapore, with the first Singaporean Yellow Box slated for Q3 2023.
Yellow Boxes, Malaysia’s first unmanned interior product showrooms, are mobile pop-up outlets offering offline-to-online purchase services for visitors. Jeffrey Seah, Asia Fund Partner at Quest Ventures, praised HOMA2U for breaking market entry barriers and leveling the playing field using digital capabilities and data interoperability.
HOMA2U also plans to use the investment to support its growth acceleration and scaling plans, aiming to generate RM100 million in annual revenue before 2025.
Founder and CEO Pennie Lim stated that the funding would enable the company to deliver high-quality, affordable, and sustainable home interiors and renovation products to more customers, contributing to a total solution and wholesome experience.
Co-Founder and Chief Strategy Officer James Yeoh emphasized HOMA2U’s commitment to sustainability, championing the reduction, reuse, and repurposing of materials. This strategy includes acquiring building materials and interior finishing products from unused renovation materials, discarded materials, and aging stocks from merchant brands that are refurbished.
Participating investment companies are confident that this partnership will further strengthen HOMA2U’s ability to revolutionize an untapped market with vast potential. By integrating environmentally friendly practices and social responsibility into their business offerings, HOMA2U aims to set new standards in design and sustainability, helping more individuals and businesses achieve net-zero carbon emission targets.
In 2021, HOMA2U secured a series of funding amounting to RM2.4 million (USD 567,000) from Warisan Quantum Management and ScaleUp Malaysia with investment partner Quest Ventures Pte Ltd. The company has received numerous accolades, including first place in the Alibaba Global Startup Contest 2021 and recognition as “Malaysia’s Smallest Self-service Material Showroom” by the Malaysia Book of Records (MBR).