A Durham startup pushing out what it calls an “all-in-one homebuilding platform” has closed on a multi-million dollar round with a pair of strategic investors.
Higharc announced Tuesday that it's scored strategic financing from Ferguson Ventures, the corporate venture arm of British company Ferguson, and an affiliate of private investment firm Starwood Capital Group.
Higharc CEO Marc Minor said the construction management software firm has seen a “ton of interest in partnering, as well as in investing from well-aligned strategic partners.”
Minor declined to give deal specifics, but said the investment brings Higharc’s total coffer to more than $30 million.
In January, the company disclosed that its total funding was about $26.8 million, making it likely that the latest financing was slightly more $3 million.
Minor said the deal represents a “meaningful increase in valuation,” adding that employees continue to own the majority of the company.
These types of partners not only extend the firm’s financing runway, but they also help the company tailor its offerings, “demonstrat[ing] to the industry, the folks we well to that Higharc is here to stay.”
“One of the things we’re doing with our partners, aside from taking additional capital, is painting the full picture of what can happen when you have an automated capability for homebuilding and the ability to stretch the information about homes being built to benefit more parties – especially the buyers themselves,” Minor said.
In the case of Ferguson, for example, which sells fixtures and finishes, it’s showcasing what the product can do – a move that could lead to additional business down the line. Higharc technology allows fixtures to be included in images of the “actual home that’s being designed, in all the different versions of that home.”
Higharc, founded in 2018, is a remote-first company with an office in Durham. In total, it has about 60 employees and is hiring.
The latest news follows a separate but similar investment by another of those partners, Strategic Strong-Tie.