Blokable, a startup that creates assembled smart homes, has raised $23 million in Series A funding.
Launched in 2016, the Seattle-based startup creates units that can be assembled into modules that can function as either tiny homes or larger multi-family properties and hotels. The units, which are shipped to a project site to be assembled, are made of steel frames and can be stacked to up to three stories to form a multi-unit housing complex.
Blokable
The funding round was led by investors Vulcan Capital, Building Ventures, Kapor Capital, Motley Fool Ventures and Ten Eighty Capital. In total, Blokable has raised $28 million.
“We’re very pleased to complete our Series A financing with mission-aligned investors,” said Aaron Holm, a co-CEO of Blokable who formerly served as an Amazon product manager. “From the beginning, it has been crucial that we partner with investors who understand our vision of applying a systems-based solution and product development methodology to the heavily regulated real estate development industry.”
Blokable plans to use the new funding to open a second manufacturing facility in Sacramento (the first is located in Vancouver, Washington), grow its team beyond the 22 people currently working for it and continue expanding its business model, which focuses on both smart housing units that form larger complexes and offers the product as an affordable housing solution for various housing projects and non-profits.
It is currently working to build affordable housing units on land donated by a local church. According to GeekWire, the company earns money by charging its nonprofit partners a fee for the unit. When it comes to market-rate housing, the company retains ownership of the individual units.
Overall, assembled housing — whether a DIY house sold on Amazon or the modular structures built by Blokable — is growing in popularity. As home prices soar, many are looking for alternatives to traditional housing. With the funds raised, the company is eyeing projects across Washington and California.