US-based prefabricated housing developer Connect Homes has closed a $10.8m series A round backed by Wells Fargo Strategic Capital, a subsidiary of financial services firm Wells Fargo.
Venture capital fund Brick and Mortar Ventures and investment firm Virgo Investment Group co-led the round, which included VC firm MetaProp NYC and family office-run vehicle Almubader Growth Fund.
Founded in 2011 and officially registered as Home Ec, Connect Homes builds affordable residential homes made entirely from interior and exterior modules prefabricated at its assembly production factory.
The capital will sustain the factory’s operations as the company expects use of its modular approach to housing development to increase. Darren Bechtel and Scott Johnson, managing directors of Brick and Mortar Ventures and Virgo Investment Group respectively, have both joined its board of directors.
Connect Homes secured $2.6m in debt financing in February 2018 before collecting $4m in equity funding from undisclosed investors in October, according to regulatory filings.