[Funding alert] Former Myntra and Flipkart executives' e-design startup Spacejoy raises $1M from Accel Partners
US and Bengaluru-based Spacejoy, an e-design startup offering interior design as a service, has raised $1 million in seed funding from Accel Partners.
The startup will use the funds to rapidly expand its sales and marketing efforts along with hiring new talent in the US as well as broaden and accelerate product development.
Subrata Mitra, Partner at Accel, said,
"The global interior design opportunity is huge, with the US being a large market by itself (home furnishing market size is close to $200 billion). Spacejoy wants to disrupt this industry using their unique interactive 3D app that democratises home design to anyone wanting to engage in DIY. Spacejoy's technology not only enables the consumer to visualise their home in real time but can also source featured furniture and decor elements through partners."
Founded in April 2019 by Arnab Saharoy and Vinay Indresh, former Myntra and Flipkart employees, Spacejoy is a one-stop digital design service powered by interactive 3D technology that allows users to design (either by themselves or with the help of expert designers), visualise, and purchase. The company currently caters to the US market.
"Spacejoy is focused on providing customers an easy and convenient way of designing their homes by leveraging 3D technology and going a step further by enabling them to buy products from our platform/app,” said Arnab Saharoy, CEO, Spacejoy.
"We are currently focusing on setting up and scaling our on-ground operations in the US over the next year,” he added.
According to Spacejoy’s President Vinay Indresh, visualising furniture from an offline/online catalogue in the context of the rooms is a huge challenge. Hence, about 40 percent of consumers deter from committing to redecorating their homes.
“We created the 3D Technology Platform keeping this need in mind. Now they can try different layouts with furniture before buying, all from the comfort of their mobile screens," he added.
In February 2019, Accel also participated in a Rs 33 crore funding round of another interior design startup HomeLane (also Bengaluru), with JSW Ventures and Sequoia Capital.
(Edited by Teja Lele Desai)