According to a recent report, digitalised renovation service platform from Hong Kong had raised a total of HK$10.93 million (US$1.4 million) in Pre-Series A funding, putting the company’s valuation at HK$49.9 million (US$6.4 million).
Among the investors that participated were undisclosed, Hong Kong-based property developers and entrepreneurs.
The company’s co-founder and COO noted that it will use the new funds to specifically expand the market penetration of its online to offline business within the Hong Kong market and to accelerate the automation of the renovation platform.
The COO also noted that another plan that will kick into full gear is the consolidation of its subsidiary engineering companies, a web store for electronic DIY tools and building materials and its educational website that gives away over 700 tutorial videos and has published the “Renovation Anti-Scam Manual”.
The plan is to improve the products and integrate resources with local and international investors before entering China and Southeast Asia.
The platform was built by three co-founders that have contributed different backgrounds that range from digital marketing to renovation field, one of whom spent 13 years as the owner of an engineering company; and another who is a Hong Kong anti-renovation-scam expert.
Another report noted that the platform, recognising the pitfalls of an opaque renovation market, launched its website three years ago to overcome these challenges by offering a one-stop solution to homeowners with engineer-matching and consultancy services.
Once information of the renovation unit is entered into the system, a consultant will follow-up on the user’s requests within 12 hours (according to his/her design preferences, budget and location). Based on the request, the company’s experienced team of consultants will select up to three companies for the user and a specialist will monitor progress during the renovation.
The website has a transparent system in place which monitors and rates the renovation companies on the website.
The company’s online platform is a web store for electronic DIY tools and building materials. It supplies comprehensive service and quality assurance to users. In addition, all goods are delivered directly from the factory and there will be staff to help users with inquiries.
The company cares about education and instilling practical renovation knowledge to the general public. Therefore the website has produced over 700 tutorial videos, established an educational website, and published the “Renovation Anti-Scam Manual”, popularizing renovation knowledge. These two websites have accumulated over 100,000 followers respectively.
The website has also set up a new concept bar known as the HKDecoBar, located at in Kowloon, Hong Kong. It is open for users of the website as well as for the renovation companies registered on the website and aims to be Hong Kong’s largest renovation experience centre in the renovation industry, by offering the following functions:
- Education Centre Renovation-related courses are offered in the space every month. For example, a concentrated one-day DIY home maintenance course and a user- targeted anti-scam course, which concisely describes areas to be cautious of in renovation.
- Hong Kong DIY Base Equipped with a tools trial-use area, the facility is built from a consumer’s point of view. There is a wide range of tools available; for example, there is a wide selection of electric drills.
- Renovation/Maintenance Material Mall From the floors to the walls, the space is stocked with various brands of renovation materials, parts and tools. For instance, there are ten different brands and types of flooring, each paired with a QR code which connects the user to HKDecoMall’s online shop for a quicker and more convenient shopping experience.
- Technician’s Corner The outdoor space has a number of home display areas, such as life-sized Lego styling cubes, which can be arbitrarily stacked into different shapes of furniture simulating the space users have in mind. The space also offers complimentary drinks and a physical platform for renovators and consumers to exchange ideas.