Ingka Group returned to help the home renovation service secure series D funding from new and existing investors that will support a hiring initiative.
Singapore-based interior design services provider Livspace has received $90m in series D funding from investors including Ingka Group, a franchisee for furniture retailer Ikea, Reuters reported on Wednesday.
Investment holding company FFP, the Singapore state-owned EDBI, private equity group TPG and investment banking firm Goldman Sachs also took part in the round, together with Kharis Capital, Venturi Partners and Bessemer Venture Partners (BVP).
Livspace operates an online-focused service where users can work with a qualified designer to come up with ideas for home renovation and interior design before booking renovation services and buying furniture and fittings through the platform.
Anuj Srivastava, co-founder and CEO of Livspace, told Reuters the company is nearing the level of demand it received before the Covid-19 pandemic, and that it expects to generate a profit in its largest market, India, in 2021.
The series D round will support a recruitment drive in both India and Singapore, where it intends to double headcount to 250 in the next 18 months. It is considering expanding into Indonesia, Malaysia, Australia and the Middle East.
EDBI and managers Kharis Capital had joined Tahoe Investment Group, the parent of property developer Tahoe Group, as well as Mercer Investments and Nicholas Cator, to invest about $60m in Livspace through a round that closed in January this year.
A media report in May 2019 stated that Ingka had provided between $10m and $15m in funding for the company, following $70m supplied by Goldman Sachs, TPG subsidiary TPG Growth, BVP, Jungle Ventures and Helion Ventures eight months earlier.
Livspace had previously disclosed $27.6m in funding from investors including BVP, Jungle Ventures and Helion Ventures across three rounds between 2014 and 2016.
