US-based modular builder indieDwell announces US$5.75m funding to advance growth in affordable modular housing
Modular-built affordable housing is gaining momentum globally as a means to provide healthy, durable, energy efficient and sustainable dwellings.
IndieDwell was founded in 2018, and the company partners with local communities to open modular building factories that pay a living wage, offers competitive benefits and on the job training, to ensure those employed by the factories can build wealth while also building affordable modular housing for those in need.
“We are thrilled with our new investor partnerships as this capital comes at a time when our sales pipeline is strong, therefore helping fuel our growth initiatives,” said indieDwell CEO Christina Ortiz Bluth. “The cost and availability of housing is among the top list of concerns across our country and we look forward to using this momentum to continue increasing the affordable (modular) housing inventory and creating jobs that pay livable wages.”
“We believe that attainable living is a crucial step in both individual and communal growth, which is why we are so proud to partner with indieDwell to offer turnkey development and construction solutions to communities across the country,” said Ndamukong Suh, President of HMS Development, who co-led the invest round.
indieDwell is currently operating a 9,000sqm factory in Pueblo, Colorado, and in May 2021, announced plans to establish a facility in the City of Newport News, Virginia. The company, which focuses on modular residential construction and has built everything from emergency housing for COVID-19 to commercial multi-family housing, plans to announce additional factory locations in 2022.
The company has been recognised by the Ivory Prize, The Harvard Joint Center for Housing Studies, and the Terner Center for Housing Innovations.
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