US-based prefabricated property developer Blokable completed a $23m series A round yesterday that featured Motley Fool Ventures, the corporate venturing fund formed by financial advisory and media company The Motley Fool.
Vulcan Capital led the round, which included Building Ventures, Launch, Kapor Capital, Ten Eighty Capital and angel investors Dennis Joyce and Marc Benioff.
Founded in 2016, Blokable designs, manufactures and constructs new residential properties using prefabricated sections formulated with its Blokable Building System software. The approach is intended to standardise property developments to reduce associated costs and lead times.
The company offers its services to landowners, property investors and non-profit housing providers but retains ownership of the manufacturing and development process, manufacturing the modules itself.
The capital will fund construction of a second production facility and the expansion of Blokable’s product development team, as it looks to prepare the ground for a network of regional Blokable manufacturing and real estate development centres.
YB Choi, a member of Vulcan Capital’s investment team, has joined Blokable’s board of directors. The round increased its overall equity and debt financing to at least $34.2m, according to regulatory filings.
Launch invested an undisclosed amount in Blokable in April 2016, before participating in two equity rounds and two debt rounds between May 2016 and June 2018 that jointly raised approximately $11.2m.
Blokable’s earlier backers include VU Venture Partners, trade school Venture University’s venture capital fund, as well as accelerator Knockout Capital and equity crowdfunding platform SeedInvest.