Interior design app Livspace gets $70m in Goldman Sachs-led round

Customers consult with a designer / Photo credit: Livspace

Livspace, an ecommerce marketplace for home decor, has just banked US$70 million in a series C funding round co-led by Goldman Sachs and TPG Growth.

Livspace describes its platform as a “three-sided marketplace.” It helps customers to select and buy furniture and other decor from vendors, using proprietary “design to installation” tech. Called Canvas, the tech matches products to customers’ preferences and the spaces they are looking to decorate.

It also connects users to its curated community of 25,000 interior designers, furniture makers, and home renovation experts, who can work with them to realize their design vision. Much of this network was onboarded as a result of Livspace’s acquisitions of competitors DezignUp and Dwll.in during the first half of 2015.

Though based in Singapore, Livspace is focused on serving the Indian market. It has a presence in seven Indian cities and aims to expand to six more with this new funding.

It will also use the capital to expand its offline presence via its Livspace Design Centers, which allow customers to physically view furniture and decor, and meet with designers to get a consultation in person.

Key competitors in India include furniture-focused e-tailers Hometown, PepperFry, and UrbanLadder.

Livspace says it’s on track to hit more than US$100 million in annualized gross revenue by March next year. It further claims its gross revenue has more than quadrupled over the past 18 months, and it has “achieved unit-economics profitability across its previously launched markets.”

Existing investors Bessemer Venture Partners, Helion Ventures, and Jungle Ventures also joined the series C round.