The company focuses on digitalising and simplifying the traditional renovation industry
HKDecoman, a digitalised renovation service platform, has raised a total of US$1.4 million Pre-Series A funding, putting the company’s valuation at US$6.4 million.
Among the investors that participated were undisclosed, Hong Kong-based property developers and entrepreneurs.
HKDecoman shared that it will use the funding to solidify its position as one-stop online renovation platform. “We will use the new funds to specifically expand the market penetration of our online to offline business within the Hong Kong market and to accelerate the automation of the renovation platform,” said Andy Lau, HKDecoman.com co-founder, and COO.
Another plan that Lau mentioned that will kick into full gear is the consolidation of its subsidiary engineering companies, a web store for electronic DIY tools and building materials HKDecoMall, and its educational website that gives away over 700 tutorial videos and has published the “Renovation Anti-Scam Manual”. The plan is to improve the products and integrate resources with local and international investors before entering China and Southeast Asia.
HKDecoman launched online three years ago, offering homeowners an engineer-matching and consultancy services with just uploading renovation unit information. Once the system captures the information, a consultant will follow-up on the user’s requests within 12 hours (according to his/her design preferences, budget, and location).
HKDecoman was built by three co-founders that have contributed different backgrounds that range from digital marketing to renovation field. They are Benny Liu, former COO of ChineseAN; Andy Lau, who spent 13 years as the owner of an engineering company; and Simon Tang, Hong Kong anti-renovation-scam expert.
Employing team of consultants to assess the homeowners’ request, the homeowners will get three companies and a specialist that will assist with monitoring during a renovation. All these are done in full transparency with HKDecoman showcasing the renovation companies’ rates on the website.
Up until now, the company claimed to have more than 1,500 renovations Hong Kong-based companies have registered on the website.