HOMA Sdn Bhd (HOMA2U), a Malaysian marketplace for renovation and interior design materials, has revealed that it successfully secured USD$875,000 (RM 3.87 million) in its pre-series A funding.
The funding round was led by Quest Ventures Asia Fund II, an early-stage venture capital fund managed by Singapore-based venture capital firm Quest Ventures Pte Ltd and included the participation of 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 be utilized to fuel HOMA2U’s regional expansion plans, as well as accelerate product development and expand its market value as part of its plans to be a RM100 million revenue-generating company by 2025, while also going to promote a circular economy within the renovation and interior design industry.
HOMA2U will also channel a portion of the funds to help 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.
Additionally, 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.
Seen 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. As such, HOMA2U is looking to establish the first Yellow Box in Singapore as early as Q32023.