Source Code Capital portfolio company inDeco raises $20 million Series C, with existing backer Source Code Capital increasing its stake

源码资本·April 7, 2020·0·4

It raised three rounds of funding in just a year and a half, totaling 240 million yuan.

inDeco, a domestic one-stop internet workspace solutions provider, recently completed a $20 million Series C round. The round was led by Eight Roads, with two Fortune Global 500 companies — chemical giant BASF and building materials company Saint-Gobain — joining as co-investors. Previous investors Source Code Capital and Gaolishengzhu also increased their stakes. Source Code Capital led inDeco's Series A and continued to back its Series B.

In May 2018, inDeco closed its Series A led by Source Code Capital, with ZhenFund, Everbright AMB, and Nest.Bio Ventures participating. In early 2019, it completed its Series B with investors including Red Avenue New Materials, Axiang Investment, Gaolishengzhu, and Shanghai Qianzhang. Three rounds in a year and a half brought total fundraising to RMB 240 million. Based on publicly disclosed information, inDeco is now the most funded company in China's internet-enabled commercial renovation space.

Getting to Know inDeco

Traditional commercial renovation has long faced two problems. First, it relies heavily on labor at a time when workers are aging and labor shortages are growing. Second, it remains poorly digitized — project management runs on manually filled forms, driving up labor efficiency costs and management overhead. Together, these issues keep profit margins thin and make scale nearly impossible.

inDeco's internet-based commercial renovation solution is fundamentally about cutting costs and boosting efficiency — using technology to empower production and free up individual productivity. By optimizing for efficiency, cost, and experience, it delivers better products at lower prices with superior user experience. With its intelligent systems, the company has dramatically improved labor efficiency, with agile teams achieving three times the business growth in three years since founding.

inDeco 1.0

Full online digitization of business processes

Improving service standardization and efficiency

In 2019, inDeco launched its internal BIM system, bringing all business processes online — covering sales, project management, supply chain, and cost systems. This enabled one-click quoting and one-click subcontracting, while solving information inconsistencies caused by long project timelines. Process digitization significantly drove standardization in project management and service delivery, and the data accumulated in the system laid groundwork for future automation.

inDeco 2.0

Accelerating R&D of one-stop automated solutions

Freeing up individual productivity

inDeco will accelerate development of an automated commercial renovation solution covering the entire service chain — from automated design output to automated construction drawings, automated quoting, and automated scheduling. In production, it will use automation wherever possible to eliminate purely mechanical or physical labor. For example, in design, AI image recognition converts client requirements into design language, connects with the supply chain system in the backend, and automatically identifies materials based on preferred styles — boosting designer efficiency in material selection.

inDeco 3.0

Achieving labor reduction

Moving into intelligent hardware

The trend toward "de-manualization" is emerging across traditional industries, with intelligent hardware replacing foundational work in certain areas. For site measurement, for instance, 3D scanning equipment saves two workers and half the time compared to traditional surveying. After scanning, images generate automatically and connect directly with supply chain systems for rapid production entry.

Zang Jialun, Managing Partner and Head of China at Eight Roads, said: "Transforming traditional industrial landscapes is a long and difficult road, but we believe technology and exceptional teams can move the needle in this RMB-hundred-billion market. inDeco has evaluated and applied mature technologies, developed proprietary information management systems, and reshaped industry processes — significantly improving client experience and laying solid groundwork for future market consolidation. Eight Roads is honored to participate in this round and looks forward to working with the company to drive industry renewal and build an influential ecosystem."

Co-investor BASF, the world's largest chemical company based in Germany, shared its perspective through Qin Han of BASF Venture Capital: "BASF is committed to creating chemistry for a sustainable future and has great enthusiasm for forward-looking technologies and materials. We see strong potential in inDeco and look forward to deeper collaboration on supply chain and global business expansion." Saint-Gobain, the French Fortune Global 500 company ranked among the world's most innovative companies and top industrial firms, offered its view through Zhang Xukai, Head of Asia Pacific Venture Capital: "inDeco represents a new generation of Chinese companies eager to use new technologies and thinking to build new business models and formats, improving efficiency in commercial renovation and achieving breakthrough growth. We are very optimistic about inDeco's future potential. Saint-Gobain will help amplify its core advantages, and we look forward to exciting collaboration on innovative materials and comfortable building solutions."

As an inDeco board member, Xingchen Zhang of Source Code Capital noted: "From its organization to its products and systems, inDeco has embodied the 'smart manufacturing' gene, continuously iterating on product MVPs and replication to achieve year-over-year growth that exceeded expectations."

"At its core, inDeco still provides better commercial renovation services for clients. Our technology investments help us refine service processes more meticulously and further improve our response speed to issues. Technological innovation lets us break through industry bottlenecks, improve project efficiency, and achieve information-based collaboration," said inDeco CEO Wan Liushuo (Randy). "Right now, as COVID-19 spreads globally, we were fully prepared for potential impacts. What surprised us was that signed clients actually exceeded our Q1 targets set before the new year. This shows that demand in commercial renovation remains strong. With some companies' renovation timelines disrupted, the importance of efficiency stands out even more. This black swan event has let us see opportunity in crisis. We'll keep using technology to refine our service processes, identifying problems in operations and iterating repeatedly. We have long-term patience and confidence in our technology investments, and will more firmly expand our advantages."

inDeco Founder & CEO Wan Liushuo (Randy)

The company currently has 260 employees, with R&D accounting for 20%. This funding round will further expand inDeco's leading position in talent, technology, and supply chain.