Seattle, the U.S. and London, the U.K-based construction technology platform, Modulous, raised USD 11.5 million in Series A funding. The round took place on September 12, 2022. The venture capital arm of Germany-based Patrizia, i.e. Sustainable Future Ventures, Regal London, CEMEX Ventures, Blackhorn Ventures, GroundBreak Ventures, Goldacre, and Leela Capital, participated in the financing.
Purpose of financing for Modulous
With the latest proceeds from Series A funding, the construction company seeks to develop its physical and digital technologies further.
Modulous also appointed Sam Gioia as Head of U.S. Manufacturing & Assembly.
What the Modulous officials have to say
Chris Bone, CEO at Modulous, said, “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 witholds 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. It’s a testament to the potential we have to solve the housing crisis, and to the amazing team we have built.”
Further, Sam Gioia, Head of U.S. Manufacturing & Assembly, added, “The AEC industry is at an inflexion point where we are just beginning to see the advantages of Modern Methods of Construction (MMC). The U.S. urgently needs more housing, a clear pathway to net-zero development, and an approach to home-building that enhances communities by integrating new construction seamlessly with the surrounding environment. MMC enables all three goals by standardizing processes to gain manufacturing efficiencies and by providing modularity in the form of interchangeable variations for wall panels, flooring, and finishes. The Modulous Kit of Parts allows a housing project to be rendered in digital 3D before being manifested physically, which means that project partners can pre-emptively solve all the issues that would normally delay a construction project.”
What the investors have to say
Conan Lauterpacht, Partner at Sustainable Future Ventures, said, “We are very pleased to back the outstanding Modulous team, which brings together experts across design, construction, and technology. Modulous stands out for us in the way it has brought together the physical and the digital in the built environment by combining its ground-breaking ‘Kit of Parts’ modular solution with a digital design platform. We are excited to support the company’s mission to reinvent how homes are delivered while prioritising better outcomes for people and the planet.”
In addition, Jonathan Seal, CEO at Regal London, commented, “We are delighted to be participating in this funding round and entering into a strategic relationship with Modulous. We believe that Modulous is making great strides to truly disrupt the real estate industry as the sector moves towards delivering net zero developments. We are thrilled to partner with Modulous, bringing together Regal London’s fully integrated delivery model and Modulous’ technological innovation – we are excited to be part of this journey.”
Besides, Philip O’Connor, Co-Founder and Managing Partner at Blackhorn Ventures, said, “Construction, an industry largely unchanged for more than 100 years, is ripe for evolution. Much like the transportation and energy industries, sector-specific innovation relies on a blend of digital and physical technologies that improve productivity and accelerate a net-zero future. Modulous’ low-capex, the asset-light approach has significant scalability potential, which is why Blackhorn Ventures is so excited to invest in this world-class team.”
Mateo Zimmermann, Investment Manager at CEMEX Ventures, also says, “We’re taking bold steps to try and decarbonize construction and house building. Precision-engineering homes offsite is an important way to drive quality, reduce safety problems, and cut carbon all at once. Modulous ‘asset-light’ approach – that goes directly to suppliers – strips out the need for costly factories, one of the most significant barriers to making offsite manufacturing a mass-market solution. These are universal challenges, and we firmly support the approach of forging partnerships with all relevant stakeholders in the market to solve it together.”
About the company
In Aug 2018, founders Chris Bone, Chris Mortensen, Markus Cosmann, Reimell Ragnauth, and Romill Bettany brought the company into existence. The Seattle and London-based construction tech platform aids the developers and construction firms in building modular housing without capital-intensive factories. The company raised funds at an increasing valuation despite the slide in the global markets.
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