Jul 27, 2023

OHouse operator Bucketplace adds Softbank as pre-IPO investor in latest fundraising 2022.04.15 11:35:11 | 2022.04.15 11:36:05 Receiver Bucketplace Co., operator of dominant home design and lifestyle platform OHouse in Korea, will be the latest Korean online business to draw investment from Japan’s Softbank Ventures with its valuation pushed up to $1.5 billion upon the round of fundraising in the making. According to multiple sources from the investment bank industry on Thursday, Bucketplace is readying a fundraising round in the scale of 235 billion won ($191 million). SoftBank Ventures pledging about 30 billion won will also joined by Korea Development Bank (KDB), and KB Investment. The state lender is leading the fund-raising and SoftBank Ventures has confirmed commitment, said an unnamed industry official. Existing shareholders are adding investment. Once investment is complete, the corporate value of Bucketplace is expected to reach 1.8 trillion won, more than doubled from 800 billion won during the last fundraising in 2020. Bucketplace – founded in 2013 – operates home design platform OHouse. The platform has strong influence on home design and living sector. It started out as an interior content community but grew as a platform where users and experts share home design photos. OHouse has 17 million contents and 11 million monthly visitors. It also sells home furniture and others and arranges trade and services for home design. The company launched its own delivery service after securing a distribution center in Icheon, Gyeonggi Province. OHouse is expanding presence not only in home design sector but all areas related to home and living. Its monthly gross merchandise value amounts to 180 billion won and cumulative merchandise value 1.7 trillion won last year, which can be comparable to Korea’s major online fashion platform Musinsa (2.3 trillion won) and fresh food delivery platform operator Kurly (2.1 trillion won). Musinsa and Kurly are valued at each 4 trillion won and 3.8 trillion won, suggesting Bucketplace has room to grow by another 2 trillion won in valuation. Investors also have confidence in Bucketplace’s growth blueprint. OHouse plans to expand presence in home and living service sector and advance into overseas markets like Indonesia and Japan. Bucketplace has acquired five companies as part of expansion. The company has over 150 billion won in cashable assets, which is enough to expand further through merger and acquisitions. OHouse was able to accelerate growth on surging demand for home design and interior service as companies implement 52-hour workweek and people work from home due to Covid-19, said an unnamed industry official. Its operator Bucketplace expects its first profit this year and ready itself for an initial public offering. By Kang Woo-seok and Lee Eun-joo THURS