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US-based startup modular home builder Cover raises US$60m led by Gigafund for innovative panel modular build process.
There’s no shortage of startups in the US focused on modular home construction, but LA-based Cover appears to have the edge by enlisting financial heavyweights behind their recent successful round of fundraising.
It’s been led by Gigafund who position themselves as a venture capital firm backing the world’s most ambitious and transformative entrepreneurs. Other funds contributing funds include: Founders Fund, Valor Equity Partners, General Catalyst, and Fifty Years.
The allure of investing in Cover as Stephen Oskoui, Managing Partner, Gigafund said: “Cover reminds us of Tesla and Apple in the way that it combines phenomenal product design with high-volume manufacturing expertise”.
They manufacture fully complete wall, floor and roof panels in its factory, transport them on a standard truck and the modular home is assembled onsite without the use of a crane.
They use a blend of LWT (lightweight steel) for the frame and aluminium for the ceilings. Interestingly, the panels are made of a rubber composite because, as founder and CEO Alexis Xavier Rivas explains, “drywall is not designed for manufacturing or transport — it’s too brittle”.
Watch their showreel here:
They appear to have also addressed the issues of plumbing and electrical wiring. It’s installed in the ceiling, and if an owner needs to service or upgrade, they only need to unscrew it.
Engineered timber is used for the floors and exterior, and throughout their modular builds the emphasis is on quick assembly and customisation.
According to Rivas, the process works as follows: A customer works with the company to create the modular home design, and the calculated fixed price from the design includes all permit fees, city fees, foundation fees and the modular home itself. The cost for a three-bedroom 111sq m complete modular home (inclusive of all fees) is $690,000AUD.
At present the design is limited to single-story units that are no larger than 111sq m.
Company sources state that after the foundation is complete, it can have the modular home built and installed within 30 days, down from the 120-window that it previously promised clients.
Their building methodology is largely focused on adding panels to the existing modular build, and they’ll produce these additional panels produce from their new 9,300sqm factory.
Existing customers will be able to easily enlarge the homes they’ve already bought using the Cover app.
“You’ll go on the app, you’ll click on the room to which you want to add, then schedule it, pay online, and get your renovation done in two to three days,” says Rivas.
Take their virtual tour here: my.matterport.com/show/?m=qvdDqfopunK&brand=1
See: buildcover.com
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