Backed by investment, scale and a spirit of collaboration, the Californian based offsite prefabrication manufacturer has reconfirmed its status as one to watch.
At Built Offsite we’re big fans of Factory_OS prefabrication manufacturer and its visionary CEO, Rick Holliday, with his stated vision of: “Transforming the construction industry by vertically integrating 21st century offsite building technologies, software operating systems, lean manufacturing and progressive labour practices to deliver multifamily housing more than 40% faster and at 20% lower cost.”
Well, they’ve made good on furthering that vision and opened a second prefabrication factory at Mare Island, California, and ramped up affordable housing production due to surging demand.
And, there taking some financial heavyweights with them on this prefabrication manufacturing journey. They already have social impact investor Lafayette Square onboard with further support by major technology (think Google) and finance partners. But now they’ve also announced additional investors in its final US$60M Series B round: JPMorgan Chase and Saint-Gobain.
Founded in 2017 to solve the affordable housing crisis, Factory_OS has produced over 1,000 prefabricated apartments and proved the company’s promise to reduce the cost and time of delivering affordable housing by up to 40%.
The Series B impact investors praised Factory_OS for its multilayered social impact model including reduction of carbon emissions, sustainability, and living wage jobs, in addition to affordable housing. In partnership with the Northern California Carpenters’ Union, 100% of the Factory_OS production workforce are union members benefiting from 50% greater wages, 25% fewer safety incidents, and 65% less commute time compared to the metro area construction industry.
Click Here to return to the home page for more articles.