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Modulous, a Seattle and London-based building technology startup, has raised $11.5 million in Series A funding, the company told Axios.
Why is it important? The housing boom lit a spark under the construction tech scene. Although that market has cooled, the funding shows that investors are bullish and the space remains competitive.
Details: Sustainable Futures Ventures led the all-equity round, which values Modulus at around $45 million, CEO Chris Bohn said. says Axios.
- Regal London, CEMEX Ventures, Blackhorn Ventures, GroundBreak Ventures, Goldacre and Leela Capital participated in the round, which Bone says closed in August.
- As the round’s largest investors, SFV and Regal London both got board seats in the deal.
Yes and: Modulus has hired Sam Joya, a former real estate design executive, to lead its manufacturing and assembly business.
How it works: Modulus makes software for multifamily unit builders that manages design and cost lines for a variety of projects, supporting reliable cost and installation times for pre-fab units.
- Construction teams contract with suppliers to pre-build parts of modular homes that they can buy in modular “kits of parts.” The components are manufactured off-site and assembled into the project.
Between the lines; Modulus is a software intermediary between manufacturers and construction or architecture teams that cannot face the factory.
What we are looking at: Inflation, borrowing costs and supply constraints are slowing real estate development.
- Bone Modulus is currently working with general contractors on seven projects: four in the UK, two in the US and one in Canada.
- “The goal of our projects is to prove the technical concept and demonstrate that the system can be scaled to any market with domestic demand and a mature supply chain,” says Bone.
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