Construction Tech Firm Modulous Raises Funds to Help Build Net-Zero Modular Homes without a FactorySeptember 15th, 2022 by Editor
Modulous, a Seattle and London-based construction technology company helping developers and construction firms build modular housing without capital intensive factories, has raised $11.5 million of Series A funding to further grow its physical and digital technologies. The funds were raised from investors that include SFV, the venture arm of German real estate developer Patrizia, Regal London, one of the U.K.’s best-regarded real estate developers, CEMEX Ventures, the venture arm of construction giant CEMEX, Blackhorn Ventures (U.S.), GroundBreak Ventures (Canada), Goldacre (U.K.), and Leela Capital (U.K.). A company press release calls the funding “a rare example of a tech firm increasing its valuation as global markets slide – a testament to growing interest in companies that help decarbonize the real estate and construction industries.”
“Building energy efficient, affordable housing without the waste and carbon footprint that accompanies traditional construction has never been more critical. Modular delivery is really the only way the housing crisis can be resolved, but, for many, the upfront capital investment has held back the industry’s ability to scale,” said Chris Bone, CEO. “We are keen to prove that by collaborating with each other, the industry can move forward with transparency and cost certainty front and center. That’s why we are delighted to have completed this Series A round in the most testing funding environment for decades. It’s a testament to the potential we have to solve the housing crisis and to the amazing team we have built.”
The Modulous software platform automates multifamily real estate project design, costing, and programming, which the company says allows developers, architects, and contractors to figure out pricing and decide whether a site is viable in hours rather than weeks. Additionally, Modulous has developed a configurable set of proprietary sub-assembles, the Kit of Parts, that allows developers, architects, and contractors to build modular homes without a fixed factory. The company touts its end-to-end platform as enabling 50% faster project delivery, 60% reduction in embodied carbon, and 70% reduction in construction waste.
Modulous also announced that it has appointed Sam Gioia as head of U.S. manufacturing and assembly. Gioia will oversee the successful U.S. market delivery of the company’s modular Kit of Parts for the construction of residential multifamily housing. His role is to develop and manage the firm’s supply chain partners that provide the Kit of Parts, and to ensure the physical product’s manufacturability.