The construction tech space was sparked by the housing boom. Even though the market has since cooled, this funding round indicates that investors are still hopeful. This is also apparent through the space’s ongoing competitiveness.
Seattle & London based Modulous received £10M in Series A funding from SFV, Patrizia’s venture capital fund for German real estate developers. Additionally, London provided some funding through Enterprise Investment Scheme.
In addition to UK companies Goldacre and Leela Capital, the round was also funded by CEMEX Ventures out of Mexico, Regal London out of the UK, Blackhorn Ventures in the US, Sustainable Future Ventures out of Germany and GroundBreak Ventures Canada.
The company needs the funding to work with construction firms, architects, public housing providers and developers to create a configurable Kit of Parts. This kit allows builders to assemble modular homes without the need for a factory.
Sam Gioia, a former design exec for real estate, leads Modulous’ assembly and manufacturing division.
Automates Design, Costing and Programming
Small technology companies referred to as contech startups are currently focusing on long-term sustainability. One such startup is 011h, which recently raised 25 million euros in Series A funding. This platform develops new-age construction methods that are sustainable. Other companies like Modulous create software for developers of apartment units. This software allows multiple projects to be managed at once by relying on prefabricated components with consistent costs and installation times.
Modulous’ “Kit of Parts” allows construction companies to purchase modular home components pre-made off site. This allows builders to assemble the components at their project site.
Modulous helps construction and architecture companies fund their manufacturing costs by acting as a software middleman.
The company Modulous was founded in 2018 by Chris Bone, Chris Mortensen, Markus Cosmann, Reimell Ragnauth and Romill Bettany. Modulous uses modern methods of construction, or MMC, instead of factories in their massive building projects. Their global supply chain and logistics investments make their company more scalable and responsive to changing housing demands.
Chris Bone, the CEO of Modulous, said that building affordable and energy-efficient houses is more critical than ever before. Traditional construction causes a lot of waste and carbon footprints, which makes it difficult to resolve the housing crisis. Modular housing is the only viable solution, but many builders are held back due to the high initial investment. Bone urged builders to collaborate with each other in order to move forward with transparency and certainty about costs front and center. “We are thankful to have finished this Series A funding round despite the difficult funding environment. This is a testament to both our potential to solve the housing crisis and the great team we’ve assembled.”
Conan Lauterpacht is a partner at Sustainable Future Ventures. He said, “We are excited to support the Modulous team and their mission to reinvent the way homes are built. The company combines the physical and digital worlds through a ground-breaking kit of parts modular solution combined with a digital design platform. Modulous has an outstanding group of experts in construction, technology and design— which is why we’re pleased to back their company.”
Regal London CEO Jonathan Seal said, “We are pleased to participate in this funding round and begin a strategic partnership with Modulous. We believe that Modulous is making tremendous progress in changing the real estate industry by providing net zero developments. We are excited to partner with Modulous by combining their technological advances with the fully integrated delivery model provided by Regal London.”