US-based modular building manufacturer Cover has raised $60m in a series B round that included homebuilder Lennar Corporation.
Venture capital firm Gigafund led the round and was also joined by Founders Fund, Valor Equity Partners, General Catalyst, Fifty Years, private investors Naval Ravikant, Chris Sacca, Arash Ferdowsi and Bruce Richards as well as unnamed others.
Founded in 2014, Cover manufactures small modular buildings that it can transport and assemble on site, typically in residential back yards, complete with all electric wiring and plumbing.
The company claims its designs are more environmentally friendly than conventional houses, using fewer, more energy efficient materials. It will use the funding to grow its team and speed up its roadmap towards mass production.
Cover secured $10m in an August 2020 series A round co-led by Lennar and Founders Fund, with participation from Valor Equity Partners, Fifty Years, General Catalyst and Khosla Ventures. The last two had previously co-led its $1.6m seed round in 2017.
