KKR leads SG proptech unicorn’s $180m round

Livspace, a Singapore-based proptech firm, has raised US$180 million in its series F funding round led by KKR, pushing the company into unicorn territory.

Photo credit: Livspace

Existing investors such as Ingka Investments, Jungle Ventures, Venturi Partners, and Peugeot Investments also took part in the fundraise.

Founded in 2014, Livespace offers interior design and renovation services using tech that helps predict pricing, timelines, and quality of a housing project. It also streamlines the supply chain of products and services on its cloud platform, which brings together original equipment manufacturers, brands, contract manufacturers, and subcontractors.

One of the firms’ offerings is Canvas, a SaaS platform that lets designers engage with their customers, create 2D and 3D visuals, and add products and services to a shopping cart. The software then generates a project plan that helps designers monitor their progress.

SEA expansion on the cards in 2022

The company will use the fresh funds to launch its operations in new markets, double down on brand building in India and Singapore, and invest in its supply chain.

“We are really excited about Australia, which is a large market with no competition, based on all the studies that we’ve done,” CEO Anuj Srivastava told Tech in Asia. “Given the strength of the market and the product market fit potential, we will use some of the capital for market launches, with the intention of dominating the Asia Pacific interior design market.”

Photo credit: Livspace

The company said it has identified “significant” opportunities for expansion in India via acquisitions in the direct-to-consumer space. It is also looking to explore acquisitions of private labels in the material space, including those for finishes, accessories, and kitchen equipment.

See also: The Amazon of home decor eyes profits for SG unit after breaking even in India

Srivastava also shared that the company will set aside around US$40 million to US$50 million for its expansion into Southeast Asia, where it is eyeing markets such as Vietnam, Indonesia, Malaysia, and Thailand. It looks to scale its operations in the region beginning 2023.

“The Southeast Asian market, including Singapore, is usually a US$15 billion to US$20 billion addressable market, which is almost as large as India,” he said.

The CEO added that the Singapore market has the same characteristics as India, citing its supply side fragmentation, lack of trust by consumers, and demand. These similarities provide Livspace with tailwinds for further expansion.