Hangzhou-based online home decoration platform Kujiale has raised USD 100 million in its Series D+ round, led by Hillhouse Capital, Dealstreetasia.com said on Friday.
Other investors include Shunwei Capital and GGV, according to 36Kr.
The company’s valuation has exceeded USD 1 billion, elevating it to the status of a newborn unicorn, 36Kr and Dealstreetasia both confirmed.
New funds will be spent on software research and development and on improving its capability to provide digital solutions to traditional home decoration companies, 36Kr reported.
Kujiale went online in 2013, allowing home designers to create simple 3D renderings of entire homes based on its Software as a Service (SaaS) tool. A total of 8 million designers have registered on Kujiale, comprising the platform’s entire 25 million user pool to date, according to 36Kr.
In addition, Kujiale has also started to build an online community to match designers and home owners, however this is still at a very early stage.
A total of 300,000 individual users and 14,000 corporate clients have paid at least once for its SaaS product on Kujiale as of last July and 80% of them have become repeat customers.
The company made RMB 400 million (USD 56.6 million) in revenue from its SaaS product last year while it is still a challenge for many SaaS companies to book RMB 100 million in annual revenue, said 36Kr in a report in July.
The home decoration sector has recently been on investors’ radar.
Shanghai-based e-commerce platform Xiaopangxiong (“little fat bear” in English) closed its Series B round recently. It bagged RMB 130 million (USD 18.3 million) from investors led by Zhenghan Investment and followed by Yunqi Partners, KrASIA reported earlier this month.
Xiaopangxiong, which is home to various home decoration materials including cement and glass, counts small-and-medium-sized home decorating companies as its main buyers.
Beijing-based 007 eService, a home decoration platform connecting decoration workers and home workers, raised USD 25 million in Series C round from Alibaba.
36Kr is KrASIA’s parent company.