HOMA2U, a Malaysia-based startup that operates a marketplace for renovation and interior design materials, has announced raising $875,000 in pre-Series A funding, led by Quest Ventures.
The Singapore-based venture capital firm invested through Quest Ventures Asia Fund II. The round was also backed by Worldwide Management Solutions and Qhazanah Sabah Berhad, the investment of the Sabah state government.
The startup said it will use the fresh capital to expand its regional footprint and capitalisation value, develop its products, and promote a circular economy within the renovation and interior design industry.
HOMA2U said the funding will help to grow its business threefold and in opening 18 Yellow Boxes, its unmanned interior product showrooms, throughout Malaysia and Singapore. The company plans to establish the first Yellow Box in Singapore as early as Q3 2023.
In 2021, HOMA2U received 2.4 million Malaysian ringgit ($567,000) in funding from Warisan Quantum Management and ScaleUp Malaysia, with investment partner Quest Ventures Pte Ltd. The company was recognised as one of the top 10 startups in Cohort 2 of the ScaleUp Malaysia Accelerator programme.
SOUTHEAST ASIA DEAL MONITOR
DealStreetAsia has put together a table listing prominent venture capital transactions in Southeast Asia in the fortnight beginning April 24, 2023.
