Seungjae Lee, a former chemical and electrical engineer, turned his passion for interior design into content sharing platform oHouse. Now, the startup is one of Korea’s largest lifestyle apps at a valuation of approximately $1.6 billion.
In early May, oHouse closed a $182 million series D round, bringing the total amount of funding in the company to $261.2 million. With the fresh capital, the startup confirmed its valuation of approximately $1.6 billion toInvestors in oHouse’s latest round include Korea Development Bank, billionaire Park Hyeon-joo’s Mirae Asset Capital, SoftBank Ventures Asia, the venture arm of Japanese billionaireSoftBank Group, and Singaporean state-owned investor Temasek Holdings’ Vertex Growth.
Through the app, oHouse users browse photos of other users’ designs for inspiration and purchase items similar to those in the photos. The startup claims that a furniture item is purchased through their platform every seven secondsExamples of room designs posted by users on the oHouse websiteIn Korea, where half of the population lives in the capital city of Seoul, interior design requires creativity for small and often expensive apartments.
“If we wanted to expand into a whole new area, like food, which we’re experimenting with already … we’re not just showing you, say, bread, we’re showing you a table,” Jee says. “We’re not going to expand into different categories and services just on the basis of how big that market is, it’s what our users are asking for.”
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