Home décor platform Spacejoy Design Solutions Pvt. Ltd has raised $1 million (Rs 7.1 crore at current exchange rate) in seed funding from United States-based venture capital firm Accel.
The Bengaluru- and San Francisco-based startup, founded by Arnab Saharoy and Vinay Indresh in April this year, said in a statement it will use the funding to grow its reach in the global market.
Saharoy said Spacejoy offers a “full-stack product” that allows customers to design their home themselves with décor from designers and retailers.
Accel partner Subrata Mitra said the firm was confident about its investment because of Saharoy and Indresh’s background in technology companies and their experience in the interior design services segment in India.
Saharoy has previously worked at Myntra, while Indresh previously worked at Flipkart. The two also co-founded Homefuly.
Accel
The venture capital firm, an early backer of leading internet companies including Flipkart, BookMyShow, Myntra, Freshworks and BlueStone, has been one of the most active investors in Indian startups, and has made several moves in the B2B segment in recent months.
In August, it invested $3.5 million (around Rs 25.04 crore) in marketplace for real estate and construction materials Infra.Market.
The same month, it led an $8 million (Rs 57 crore) Series A funding round in Ally, a business execution management software startup. Vulcan Capital, the investment arm of Microsoft co-founder Paul Allen, US-based seed stage venture capital firm Founders Co-op and former Tiger Global executive Lee Fixel also participated in the funding round.
Last year, Accel was among investors that led a $23 million (Rs 164 crore) Series C funding round in industrial goods marketplace Moglix. Jungle Ventures and International Finance Corporation were the other leading investors in that round. In July, Tiger Global led a $60 million (around Rs 410.10 crore) Series D round in Moglix.