US-based advanced construction technology developer Icon closed a $207m series B round yesterday backed by architectural firm BIG-Bjarke Ingels Group, real estate developer Ensemble and financial services firm Citi.
Venture capital firm Norwest Venture Partners led the round and was joined by 8VC, Bond, Crosstimbers Capital Group, Fifth Wall, LENx, Moderne Ventures and Oakhouse Partners.
Founded in 2017, Icon uses a range of construction technologies such as 3D printing robotics, software and advance materials to design and build 3D-printed buildings.
The company produced its first 3D-printed homes for sale in the US in early 2021 on behalf of property developer 3Strands. It has built more than 24 homes and structures in the US and Mexico to date.
The proceeds of the series B round will be used to accelerate Icon’s research and development, manufacturing and expansion activities.
The round increased the company’s overall funding to $266m. It had raised $7m from undisclosed investors through a round with a $15.5m target in May this year, according to a regulatory filing.
Icon secured $35m in its series A round, which was led by Moderne Ventures in August 2020 and which included BIG-Bjarke Ingels Group, Citi, CAZ Investments, Crosstimbers Ventures, Ironspring Ventures, Next Coast Ventures, Oakhouse Partners, Trust Ventures, Vulcan Capital and Wavemaker Partners.
The business raised $9m in a 2018 seed round led by Oakhouse Partners that also featured property developers DR Horton, Cielo Property Group and Emaar, Moderne Ventures, CAZ Investments, Vulcan Capital, Trust Ventures, Capital Factory, MicroVentures, Saturn Five, Shadow Ventures and Verbena Road Holdings.