Decoration service platform To8to recently announced that it raised around 100 million yuan ($16.48 Million) of Series B funding led by Sequoia Capital and followed by Series A investor Matrix Partners (source in Chinese).
Launched in 2009, To8to is a third-party platform for customers, decoration companies, designers and construction material providers. One of the company’s core businesses is Zhuangxiubao, a free AliPay-like escrow online payment service for decoration industry targeted at customers.
Before the whole project started, customers have to pay a 20% of the total price to decoration companies, and another 20% to To8to platform as deposit. Zhuangxiubao divided the decoration process into four individual stages of water and electricity, wood, painting and completion. During the construction, To8to will send third-party monitoring and assessment teams to assess the service quality of decoration companies when each of stage ends. The decoration companies will receive a 20% of the total service price for each of the previous three stages when they passed the assessments. Zhuangxiubao will pay the 20% deposit to the decoration companies one month after completion of the project upon signature of the customers.
The platform currently has attracted nearly 60,000 decoration companies and 700,000 designers from 80 cities countrywide.
According to the company’s board chairman and CEO Wang Guobin, the capital will be used in market expansion to more cities, team construction, and enhance supports for decoration companies, designers and decoration workers.
image credit: To8to