Shunwei commits $9.6m to China interior decorating platform
Shunwei Capital Partners has led a RMB60 million ($9.6 million) Series A round of funding for Ikongjian.com, a Chinese interior finishings site, with participation from H Capital and DST Advisors.
Founded by Wei Chen in 2014, Ikongjian provides apartment renovation services, targeting young Chinese home owners. It cooperates with eight home decorating firms, offering standard packages with fixed prices. The platform, which transacts about 50 daily orders, also guarantee to complete projects within 20 days.
The company plans to use the new funding to expand its operations into the used homes segment. For example, it will start offering relocation, storage and short-term rental services to users.
Tuck Lye Koh, co-founder and CEO of Shunwei, told local media that the Chinese online home decorating market is worth approximately $10 billion.
Lei Jun, founder of Chinese smart phone maker Xiaomi, also set up Shunwei. The VC firm closed its second fund at $525 million in June. Recent investments include Lizhi.Fm, 51Talk, iQiyi and Ayibang.
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