Accel Partners Invests $1 Mn In Home Decor Startup Spacejoy

SUMMARY

The company will use the funding to grow its global reach

Spacejoy allow users to digitally visualise their interior design elements in 3D

Home furnishings market in India was valued at $5.29 Bn in 2018

Home decor startup Spacejoy has raised $1 Mn seed round from Accel Partners. The company will use this funding to grow its services and reach in the global market.

The United States and Bengaluru-based company was founded by Arnab Saharoy and Vinay Indresh in April 2019. Spacejoy is an online interior design service that enables users to design their actual home in 3D. One can either design the space themselves, ask for an expert to design it for them or even collaborate with the design team. The finally decided upon products can then be bought right away from furniture and home decor stores. The company currently only caters to the US market.

“We are currently focusing on setting up and scaling our on-ground operations in the US A over the next year,” said Arnab Saharoy, CEO of Spacejoy.

Interior Design Market In India

In 2018, the home furnishings market in India grew at a CAGR of 8% to reach the valuation of $5.29 Bn. Technology-enabled home design startups are taking home interiors in India to a different level with their cutting-edge designs and end-to-end services. And it means a plethora of options for well-travelled, new-age Indians, who are looking for a seamless experience and world-class designs while doing up their homes.

Some of the prominent players in the space include Homelane and Livspace. These companies have been leveraging new age technologies to bring touch and feel to the customers. For example, Homelane enables its interior designers to collaborate with the customers via a software where they discuss and envision the space in 3D and can experiment with what works and what doesn’t.

Recently in March, another interior design startup Bonito Designs has raised $6.3 Mn in its pre-Series A round of funding led by Tomorrow Capital. With this new round, the company plans to extend its operations and ramp up the production.

Also in January, virtual reality-based interior design startup Flipspaces raised $3.5 Mn from private equity fund Carpediem Capital. The Mumbai-based company will use the funding to expand its operations in new cities.

Earlier in December 2018, online interior design platform Design Cafe raised $28.5 Mn equity-financing round led by private equity firm WestBridge Capital in participation with existing investor Fireside Ventures.