With its maiden joint venture with ASG – Ikea’s operating partner in the region, Livspace will aim to capitalize on the vast opportunities in the home interiors and renovation segment in the Kingdom of Saudi Arabia. The JV will be fully operational by the first half of 2022. Livspace – which has raised funds from Kharis Capital, Bessemer Ventures, and others – brings homeowners, design professionals, vendors, and brands together on a single tech-led platform. It is estimated to be a $15 billion market opportunity. Saudi Arabia’s Vision 2030 initiatives are sparking growth in homeownership and a wider array of residential formats – villas to high-rise apartment living – which underlines the need for quality home interior design and execution.
Aligned with this, Livspace is expanding its operations in the region to bring trusted home interiors and renovation solutions to homeowners, enable thousands of small and fragmented design and home improvement professionals to grow their business and create the largest, most organized digital supply chain for the home interiors and renovation industry in the region. Both Livspace and ASG have invested about $50 million to fuel regional growth, and the JV further plans on strengthening the team by investing in top talent across levels while also aiming to reach 500 design and execution partners in the region by 2022. The partnership with Livspace will allow the company to expand the scope of the customer experience from the beginning of the design of the home to the end of implementation in an innovative and unique experience.