- CEMEX Ventures stands firm in its partnership with Modulous, reinvesting in the construction technology company in its Series A funding round.
- Modulous aims to build houses more quickly, sustainably, and economically with their end-to-end platform and modular Kit-of-Parts that enable 50% time saving on project delivery, a 60% reduction in embodied carbon, and a 70% reduction in construction waste.
MONTERREY, MEXICO. LONDON, UNITED KINGDOM; SEPTEMBER 14, 2022 – CEMEX Ventures has announced its commitment to Modulous, the Seattle and London-based construction technology company aiming to help developers and construction firms build modular housing without capital intensive factories. Modulous has raised $11.5 million of Series A funding from investors that include CEMEX Ventures (Mexico), Patrizia-backed Sustainable Future Ventures (SFV) (Germany), Regal London (UK), Blackhorn Ventures (US), GroundBreak Ventures (Canada), Goldacre (UK), and Leela Capital (UK).
As Mateo Zimmermann, Investment Manager at CEMEX Ventures states, “We’re taking bold steps to try and decarbonise construction and house building. Precision-engineering homes offsite is an important way to drive up quality, reduce safety problems and cut carbon all at once. Modulous’ “asset-light” approach – that goes direct to suppliers – strips out the need for costly factories, one of the biggest barriers to making offsite manufacturing a mass-market solution. These are universal challenges, and we firmly support the approach of forging partnerships with all relevant stakeholders in the market to solve it together.”
Led by former execs from 3i, Arcadis, WeWork, Katerra and Squire & Partners – the construction tech firm has developed a software platform that aims to solve major pain points across the three core areas of the house building process: architecture and design, construction, and development.
“Building energy efficient, affordable housing without the waste and carbon footprint that accompanies traditional construction has never been more critical. Modular delivery is really the only way the housing crisis can be resolved, but, for many, the upfront capital investment has held the industry’s ability to scale back. We are keen to prove that by collaborating with each other, the industry can move forward with transparency and cost certainty front and centre. That’s why we are delighted to have completed this Series A round in the most testing funding environment for decades. It’s a testament to the potential we have to solve the housing crisis and, to the amazing team we have built,” said Chris Bone, CEO at Modulous.
About CEMEX
CEMEX is a global construction materials company that is building a better future through sustainable products and solutions. CEMEX is committed to achieving carbon neutrality through relentless innovation and industry-leading research and development. CEMEX is at the forefront of the circular economy in the construction value chain and is pioneering ways to increase the use of waste and residues as alternative raw materials and fuels in its operations with the use of new technologies. CEMEX offers cement, ready-mix concrete, aggregates, and urbanization solutions in growing markets around the world, powered by a multinational workforce focused on providing a superior customer experience, enabled by digital technologies. For more information, please visit: www.cemex.com
About CEMEX Ventures
Launched in 2017, CEMEX Ventures focuses on helping to solve the main challenges and capitalize on the opportunity areas in the construction ecosystem through sustainable solutions. CEMEX Ventures has created an open and collaborative platform to lead the revolution of the construction industry by engaging startups, entrepreneurs, universities, and other relevant actors to tackle the industry’s toughest challenges and shape tomorrow’s value ecosystem. For more information about CEMEX Ventures, please visit www.cemexventures.com
