Seoul, South Korea - OHouse, a Korean startup backed by Mary Meeker's Bond Capital, has surpassed KRW 200 billion (US$146 million) in annual revenue despite the economic downturn.
The company's revenue has grown tenfold over the past five years, with a compound annual growth rate (CAGR) of 77.4%.
In 2023, OHouse reported revenues of KRW 240.2 billion (US$175 million) and an operating loss of KRW 17.5 billion (US$12.8 million), a 31% increase in revenues and a 66% decrease in operating loss compared to the previous year.
The company achieved its first annual profit on an adjusted EBITDA basis, which adds back non-cash expenses such as depreciation and amortization.
OHouse's success is attributed to its content-community-commerce (3C) flywheel, which enabled the company to grow and profit despite challenging market conditions.
The company's app has surpassed 30 million cumulative downloads, and its commerce platform has surpassed KRW 5 trillion (US$3.65 billion) in cumulative GMV.
According to Statistics Korea, this growth is particularly significant as the furniture and home furnishings industry has experienced negative growth for two consecutive years.
US$1=KRW1,370.20
