TI Platform and TiE SoCal Angels, including angel investors, and real estate/prop-tech founders such as Larry Braitman, Venkat Tadanki, SquareFoot CEO Jonathan Wasserstrum, Jeroen Bertrams and Landis founders Cyril Berdugo and Tom Petit, also participated in the round, the company said.
“The new financing will allow Spacejoy to continue to capitalize on a fast-growing market, support the development of its core platform and strengthen AI technology for product discovery,” cofounder and CEO Arnab Saharoy told ET. “This new investment and partnership will allow us to scale the business and reach new customers in the US.”
Founded in 2019 by Saharoy and Vinay Indresh, Spacejoy has evolved into an e-commerce platform to help furnish homes. Using 3D tech and AI, Spacejoy personalizes the entire shopping experience by simplifying how users discover products and visualize them in a room
“Spacejoy’s design-led platform enables users to identify products by the source of inspiration and find curated products that work well together both aesthetically and functionally,” Saharoy said.
The company has a huge tech team based in India and is looking to hire more people here.
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“We will focus on the US as well as the English-speaking markets for the next two to three years and then think of expanding to other markets,” he said.
According to the company, the global online furniture e-commerce space had rapidly accelerated of late.
Spacejoy’s annualised revenue run rate has jumped 10x in the last 24 months to $5 million.
According to the founders, the company is likely to clock 10x growth over the next 18 months.
“Spacejoy wants to disrupt this industry using its interactive technology that democratizes the home design process. It enables consumers to visualize their home in real-time and allows them to shop relevant furniture directly from such designs,” said Subrata Mitra, partner at Accel.
