Modulous announced today that it has raised £10m ($11.5m) of Series A funding, increasing its valuation despite the slide in global markets.
“Building energy efficient, affordable housing without the waste and carbon footprint that accompanies traditional construction has never been more critical,” said Modulous CEO Chris Bone. “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.
“We are keen to prove that by collaborating with each other, the industry can move forward with transparency and cost certainty front and centre. 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 technology platform aims to solve major pain points across the three core areas of the home building process.
- Architecture and design – Modulous’ software generates optimised designs and massing for a site and bases these on its physical Kit of Parts. This not only guarantees the technical feasibility of the design, but also provides accurate costs and programme, all completed in hours. Architects can avoid spending weeks on speculative work, designing schemes that may turn out to not be economically viable, and instead present clients with a variety of options inside a day, upping their chances of winning work while letting them focus on more productive tasks.
- Construction – Modulous’ Kit of Parts enables contractors to deliver multi-storey apartment blocks with no upfront investment. Instead of requiring complex and costly factories, Modulous’ established supply chain partners deliver sub-assemblies to assembly facilities near site, increasing margin, employing local labour, and improving working capital efficiency.
- Development – The Modulous platform produces 3D visualisations, detailed cost plans and will provide developers with a real time analysis of return-on-investment calculations, enabling them to quickly option sites and establish land values driven by accurate data.
Investors in the round include Patrizia-backed Sustainable Future Ventures (SFV) (Germany), Regal London (UK), CEMEX Ventures (Spain), Blackhorn Ventures (US), GroundBreak Ventures (Canada), Goldacre (UK), and Leela Capital (UK).