Modulous files notice of intent to appoint administrators
Modular construction tech firm Modulous has filed a notice of intent to appoint administrators after reportedly running out of funding.
The company lodged its application in December last year, according to court filings.
The start-up, which was founded in 2018, reportedly made its 52 employees redundant in November.
Modular construction tech firm Modulous has filed a notice of intent to appoint administrators after reportedly running out of funding.
The company lodged its application in December last year, according to court filings.
The start-up, which was founded in 2018, reportedly made its 52 employees redundant in November.
Co-founder Chris Bone told Housing Today that the company was £4m in debt, blaming “the vagaries of the venture capital markets”. He added that the firm had £30m of pledged funding, but one funder withdrew.
The company previously concluded a funding round in September 2022, when it raised £10m through series A funding to help developers build net-zero modular housing without factories.
The funds were raised from Sustainable Future Ventures, the venture capital fund backed by Patrizia, Regal London, Blackhorn Ventures, GroundBreak Ventures, Goldacre, Leela Capital and the venture capital arm of Cemex.
Modulous’s software platform automates design, costing and programming to allow contractors to figure out pricing and decide whether a site is viable in hours rather than weeks.
The developer is the latest modular business to fail, following Ilke Homes, House by Urban Splash and last year’s closure of L&G’s modular arm.
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