Indonesian home and living platform Dekoruma has secured unspecified pre-Series C funding from InterVest Star SEA Growth Fund 1, construction-focused investor Foundamental, OCBC NISP Ventura, and existing investors.
InterVest Star SEA Growth Fund 1 is a $100 million fund co-managed by Indonesia’s Kejora Ventures and Korean VC InterVest.
Dekoruma said the fresh funding will be used to invest further in the development of its proprietary interior design and project management application called SOMA. The app, which connects designers, suppliers, contractors and customers, has been used in more than 3,000 interior design projects to date.
Speaking to DealStreetAsia, Dekoruma founder and CEO Dimas Harry Priawan said the closing of the round comes as the company is seeing a spike in sales brought about by the effects of the COVID-19 pandemic.
More people, he explained, were seeking to make their living space more comfortable and productive, leading to an increase in sales for the startup across categories ranging from home office furniture to kitchenware.
Additionally, its interior design projects are also not affected as SOMA enables discussions and design and project management to be done virtually.
“Our investment in digitizing the entire home and living supply chain strengthens our ability to serve customers seamlessly while still providing the much-needed income to our partners during this difficult time,” he said.
Dekoruma started out as an online marketplace for furniture and household appliances in 2016 but has since expanded its service to become an end-to-end home and living platform in Indonesia that provides B2C/B2B retail and services to both end-customers and property developers.
Indonesia is home to a huge home and living market with typically huge margins but has long been devoid of any meaningful tech investments. In fact, Dekoruma faces no direct venture-backed competitor in Indonesia.
The company raised its Series-B round in late 2018 led by GDN and backed by AddVentures, as well as existing backers Skystar, Beenext and Convergence.
The startup said that its technology and asset-light business model has enabled it to grow efficiently in 2019 without the need for perpetual working capital or huge upfront capital investment.
Dekoruma claims to have achieved positive unit economics both for its retail and interior design line of businesses and is gearing up to become EBITDA positive by early 2021.