Connect Home raises nearly $11 million
Los Angeles company focuses on streamlining prefab residential home construction.
Another home builder with a focus on factory-built residential construction has secured additional funding for expanding its process.
Connect Homes, a Los Angeles-based prefab housing provider, has closed its Series A investment of $10.8 million, led by Brick & Mortar Ventures and Virgo Investment Group.
Other investors include MetaProp, Almubader Growth Fund, and Wells Fargo Strategic Capital. The investment will be used to fund Connect Homes’ factory and application of its patented modular technology. Darren Bechtel from Brick & Mortar Ventures and Scott Johnson from Virgo Investment Group will join the board of directors, Connect Homes said.
The company says its assembly-line approach to home building streamlines inefficient, costly, and challenging processes for consumers. Connect Homes was launched in 2013 by architects Jared Levy and Gordon Stott with the goal of offering smart residential homes for a mass-market price point.
“Single family home building costs have become unsustainable in many metro areas, and Connect Homes’ innovative system solves core logistical issues that have kept prefab housing from being a clear winner over traditional construction,” said Darren Bechtel of Brick & Mortar Ventures. “Their approach helps people affordably build homes in areas where it’s out of reach. We’re excited to help make their factory the most technologically advanced of its kind.”
Connect Homes offers a line of 14 standard homes that can be adapted to a client’s needs in its BIM (Building Information Modeling) software platform.
“With Brick & Mortar’s unmatched expertise in advanced construction technology and Virgo Investment Group’s focus on game-changing logistical approaches, we couldn’t ask for stronger partners to help us redefine the single family home market,” said Jared Levy, CEO of Connect Homes.
Headquartered in San Francisco, Brick & Mortar Ventures is a venture capital fund focused exclusively on disruptive technologies for the verticals of architecture, engineering, construction, and facilities operations.
Virgo said it has invested more than $1.1 billion in companies, completing 55 investments to date.
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