Construction technology startup Modulous, which is based in Seattle and London, has raised an $11.5 million Series A round.
The new funding, which was announced Monday, comes less than a year after Modulous launched U.S. operations and opened a Seattle office last October. In a release, Modulous said the money will help grow the company's technologies.
"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," Modulous co-founder and CEO Chris Bone said in a release. "We are keen to prove that by collaborating with each other, the industry can move forward with transparency and cost certainty front and center."
Modulous, founded in 2018, makes software to help developers, architects and contractors navigate the construction process. Developers, for example, can research land, while contractors can access accurate designs. The startup also supplies parts to build multistory apartments without upfront investment, according to Modulous.
The startup's Seattle office consists of veterans of Katerra, the SoftBank-backed construction technology company that filed for bankruptcy in 2021. Katerra had raised more than $2 billion since its founding in 2015. Janet Stephenson, the former head of building platform sales at Katerra, serves as Modulous' U.S. regional managing director.
Modulous doesn't have any open jobs listed on its website.
Sustainable Future Ventures, Regal London, CEMEX Ventures, Blackhorn Ventures, GroundBreak Ventures, Goldacre and Leela Capital all participated in Modulous' Series A round. Sustainable Future Ventures is backed by the German real estate developer Patrizia.
"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," Conan Lauterpacht, partner at Sustainable Future Ventures, said in a release.
