Construction technology firm Modulous has raised £10 million worth of funding to help developers and construction firms build modular housing without capital-intensive factories.
Through the use of digital and physical technologies, the firm hopes to tackle both the climate and housing crisis. Modular homes are built in sections and transported to their location where they are positioned.
Investors include SFV, the venture capital fund backed by the German real estate developer Patrizia, real estate developer Regal London and CEMEX.
Chris Bone, chief executive officer at Modulous, explains: “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. 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.”
Modulous aim to prevent architects from spending weeks on speculative work by presenting clients with various options in a day. The architecture and design are based on its physical Kit of Parts.
Modulous’ Kit of Parts sets out to enable contractors to deliver multi-storey apartment blocks with no upfront investment. This will be achieved by supplying sub-assemblies to assembly facilities near the site, increasing margin, employing local labour, and improving working capital efficiency.
Through 3D visualisations and detailed cost plans, developers will be provided with a real-time analysis of return-on-investment calculations.The supply chain partners are focused on reducing the number of components required and ensuring the use of healthy, non-toxic materials.
As the demand for eco-friendly and sustainable housing continues to grow, many anticipate there will be an increased use in technologies and materials used to achieve create these types of homes.
Jonathan Seal, chief executive officer at Regal London, concludes: “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 be partnering with Modulous, bringing together Regal London’s fully integrated delivery model and Modulous’ technological innovation - we are excited to be part of this journey.”
