Internet public-decoration company inDeco announced the completion of a nearly 110 million yuan Series A and B financing round, with Source Code Capital leading the Series A.

源码资本·April 22, 2019·0·0

Recently, inDeco Lingzhu Zhizao, a domestic one-stop internet workspace solutions provider, announced that it completed a Series A round during the 2018 capital winter led by Source Code Capital, with ZhenFund, Everbright Aishi, and Nest.Bio Ventures participating as co-investors. The company also recently completed a second round with listed company Red Avenue New Materials, as well as investment firms Axiang Investment, Gaolishengzhu, and Shanghai Qianzhang participating. The total financing amount is nearly 110 million RMB. **This marks the largest completed financing round in the internet commercial renovation industry to date.**

Recently, inDeco, a domestic one-stop internet space solution provider, announced that it has completed two rounds of financing totaling nearly 110 million RMB. The Series A was closed during the 2018 capital winter, led by Source Code Capital with participation from ZhenFund, Everbright Aims, and Nest.Bio Ventures. The more recent round saw participation from the listed company Red Avenue New Materials, as well as investment firms Aixiang Investment, Gaolishengzhu, and Shanghai Qianzhang. This marks the largest financing round completed in the internet commercial renovation industry to date. With this new funding, inDeco has become the undisputed leader in the internet commercial renovation space.

inDeco, a brand under Beijing-based Artgry Construction, was founded in 2016 with a mission to transform the traditional renovation industry chain through internet thinking, offering one-stop renovation services spanning spatial design, material selection, product sourcing, and construction management. The company quickly rose to the top of its industry thanks to its distinctive business model. The new funding will help the company continue to invest in technology and product development, solidifying its leadership position.

The "Industrial Internet" Opportunity in Commercial Renovation

The traditional renovation industry is plagued by well-known pain points: opaque supply information, low operational efficiency, and inconsistent service standards. In 2018 alone, the commercial renovation market reached 2 trillion RMB, and with rising consumer expectations, the industry has shown robust growth momentum. Yet under new consumer demands, commercial renovation projects suffer from inconsistent timelines and pricing, weak design capabilities, and poor delivery performance — failing to meet the needs of the new consumption era.

In 2019, riding the wave of industrial internet trends, inDeco proposed a comprehensive integration of the commercial renovation industry's upstream and downstream players, using internet, digitalization, and artificial intelligence technologies to connect the entire industry chain and drive internet-based transformation.

inDeco founder and CEO Randy Wan believes: "Industrial internet isn't simply about empowering industries with internet technology. It requires deep immersion into the industry chain, truly understanding the industry, and controlling the chain through technological transformation embedded in actual business operations. Only then can the goals of industrial internet be truly achieved."

inDeco Founder & CEO Randy Wan

As a board member and the lead investor in the Series A, Xingchen Zhang of Source Code Capital stated: "Source Code Capital has consistently focused on ventures in the 'Internet+', 'AI+', and 'Global+' spaces. inDeco's approach — entering from the traditional renovation market and using internet, big data, and AI technologies to connect the entire industry chain and drive sector-wide upgrading — aligns with these trends and holds significant growth potential."

The introduction of strategic investors will further help inDeco connect upstream and downstream players. Strategic investor Everbright Aims is a leading real estate asset management platform in China, ranking first in comprehensive real estate fund strength for five consecutive years from 2015 to 2019.

Yang Peng, managing director at Everbright Aims, noted that bringing in a domestic real estate fund industry leader like Everbright Aims allows the firm to channel industry resources and business development opportunities to inDeco, while Everbright Aims itself can further expand its layout across the industry chain and the boundaries of asset management in emerging office spaces, enhancing its ability to provide one-stop services to clients — creating a win-win partnership.

Digitalization and Intelligence Across the Full Industry Chain

Currently, inDeco is implementing intelligent solutions across three dimensions: front-end design, project management, and construction site control, as well as the application of intelligent production capabilities — all of which have significantly improved production efficiency and delivery capacity in the commercial renovation industry.

On the design front, inDeco has leveraged its experience in various spatial designs and space usage research to independently develop over a hundred design modules and 3,000 SKUs with multiple combinations. Through modular dimensional reduction, it has achieved engineering-style spatial design. The company is also moving toward AI-powered design to replace manual processes, completing in just three hours what traditionally takes 7–10 days in commercial renovation.

For internal process control, the company has fully implemented digital management. inDeco's self-developed internal SaaS management system runs through the entire workflow, enabling automated budgeting and quoting, as well as integrated management of contracting, engineering, finance, and after-sales service.

On the construction front, inDeco is actively researching the application of smart hardware in construction processes, including 3D scanning technology, to conduct real-time inspection and monitoring of critical project milestones, ensuring projects stay on schedule and meet quality standards.

Red Avenue New Materials commented: "We are very optimistic about inDeco. Internet commercial renovation remains a blue ocean market, and industry transformation is inherently complex. inDeco has an excellent business model. With capital backing its early entry and layout, it can quickly establish industry barriers and strong competitive positioning, thereby driving transformation and upgrading across the entire sector."

Over 150% Revenue Growth Target for 2019

By applying internet thinking across the entire chain, inDeco has strengthened its control over the full renovation process, addressing chronic issues in traditional renovation such as project delays, inflated quotes, and buck-passing between designers and contractors — improving both production efficiency and delivery standards. Going forward, inDeco will further use advanced technologies to empower the traditional renovation industry, elevating the sector's technological and internet capabilities and enhancing user experience within the industrial internet framework.

In just two years, inDeco has served nearly 1,000 enterprises, including notable names such as Toutiao, TMTpost, WeWork, Papitube, Byton, CITIC Group, China Overseas Land & Investment, Qudian, and VIPKID. The commercial renovation industry is currently riding a new wave of growth, and internet commercial renovation unicorns are beginning to emerge. In 2018, inDeco achieved revenue in the hundreds of millions of RMB with over 100% business growth. CEO Randy Wan stated that with this round of funding, the company will rapidly scale its model, accelerate technology and product iteration, and is targeting over 150% revenue growth in 2019.