Touchstone Partners is leading a $720,000 seed round in Happynest, a Vietnam-based home and living community and social-commerce platform for housing.
This investment will help Happynest grow their community and expand their product offerings, the duo said in a statement on Tuesday.
It will also allow the firm to expand its user base, grow its community, and further develop innovative features to foster strong connections within the housing and interior designer community.
“The Happynest model is built around its platform and loyal community. In our vision, the traffic, engagement and audience insights about online behavior will give us the
ability to develop commercial solutions directly to consumers,
“Because of the nature of the Happynest community, products can be seamlessly integrated into the platform without having to resort to aggressive sales tactics,” said Minh Cao, Chief Executive Officer and Co-founder of Happynest.
Happynest is a one-stop platform that allows its users to browse for home’s inspiration, connect with fellow homeowners to share knowledge and experience, find and hire the right architects, interior designers and constructors professionals, and purchase the right type of interior furniture, home appliances and decorations.
The platform aims to make the process of taking care of one’s own home more convenient with ease.
Happynest started in 2020 as a pioneer platform for the home & living industry.
The platform has the largest home and living community with 500,000 – 1,000,000 active monthly users, covering over 10,000 articles and 300,000 pictures of user-generated
content around home ideas.
As of early 2024, the platform has over 10,000 products from sellers, providing the deals to users.
Happynest has also grown its ecosystem on social media channels, including Facebook, Youtube, Instagram, Pinterest and Tiktok.
The platform owns a Facebook group community consisting of over 480,000 members (including homeowners, home design enthusiasts and home improvement professionals across Vietnam).
The Happynest’s community groups serve as a platform to connect future and current homeowners to industry professionals, creating an environment for discussion about
building, decorating, and maintaining homes.
The engaging community and content allows Happynest to partner with top-of-mind brands in Vietnam such as LG, Panasonic, Bosch, Vinh Tuong Saint Gobain, Nippon Paint, Toto, providing sales and marketing solutions to match the brand with its target audience segment within the Happynest community.
“There has been significant growth in the online furniture shopping market in Vietnam, fueled by the rapid expansion of
internet penetration, increasing comfort with digital transactions, and the rise of a middle class with greater disposable income,” said Nam Le, Principal of Touchstone Partners.
“Vietnamese consumers, particularly in urban areas, are increasingly turning to online platforms to furnish their homes,
“We believe that this is the right time and environment to leverage Happynest’s unique product offering. We are thrilled to partner with the founders and their innovative team to help Happynest advance towards its next chapter of growth,” he added.