Mighty Buildings raises $52M to build 3D-printed prefab homes

Mighty Buildings, a startup building tech for prefabricated, ostensibly environmentally-friendly homes, today announced that it raised $52 million in a funding round co-led by Waed Ventures and Bold Capital with participation by Khosla Ventures.

The new tranche, which sources familiar with the matter say values the startup at between $300 million and $350 million, brings Mighty Buildings’ total raised to $150 million. CEO Scott Gebicke says that it’ll be put toward Mighty Buildings’ expansion in North America and the Middle East, particularly Saudi Arabia, and supporting the launch of the company’s next-gen modular homebuilding kit.

“The pandemic aggravated the housing shortage in the U.S. and other countries, as projects needed to be paused and construction workers permanently left the industry,” Gebicke told TechCrunch in an email interview. “Recent interest rate increases, which were expected to cool housing demand, have had the opposite effect, as the secondary market for used houses plummeted, driving ever more demand for newly built homes.”

Mighty Buildings was founded in 2017 by Slava Solonitsyn, Dmitry Starodubtsev, Sam Ruben and Alexey Dubov, who sought to create a platform leveraging 3D printing to help automate the construction industry, specifically the home construction industry. Gebicke, a former naval officer and previously a project lead in McKinsey’s industrial practice, was appointed CEO last December.

3D-printed, prefab homes may sound out of the ordinary. But they’ve become more common as fluctuating construction materials and labor costs push property developers to seek affordable alternatives to traditional home building.

The U.S. is short 650,000 construction workers, according to the trade association Associated Builders and Contractors. And 82.5% of materials — including electrical conduit, steel and concrete — have experienced “significant” cost increases since 2020, per a report in Oxford Economics.

Mighty Buildings

Mighty Buildings

A 3D-printed prefab home by Mighty Buildings.

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Modern Home wins awards at Bose Professional Annual Connect Event

Modern Home, the premium destination for the best electronics, beauty, watches and jewellery brands in Qatar, has won three awards including the Excellent Performance FY23 for Installed Projects, Excellent Project FY23 for 900 Park, and Excellent Sales Performance FY23 awards at the 2023 Bose Professional Annual Connect Event for Middle East Distributors.
The event, recently held in Dubai, showcased exceptional performances and celebrated outstanding achievements among distributors in the region, a statement said yesterday. Following big wins in previous editions of the event, this year’s resounding success further cements Modern Home’s standing as a local and regional leader, solidifying its position as the preferred partner for top-tier electronics brands.
Nittin Dargan, regional manager, EMEA Exports at Bose said: “We are delighted to acknowledge and appreciate our longstanding partners during this annual event, recognising their unwavering commitment and dedication. Modern Home has been our preferred partner, consistently delivering exceptional performance year after year. We will leverage this remarkable achievement as a foundation for our ongoing fruitful journey, aiming to achieve even greater success in the future.”
Supriya Bose, marketing manager – EMEA at Bose stated: “The exceptional sales performance of Modern Home for Bose products is truly remarkable. This signifies yet another triumphant year of collaboration, yielding outstanding outcomes for both parties and reaffirming the ideal synergy between our companies in delivering the finest Bose brand products, solutions, and services to the Qatari market.”
With a storied history spanning over 26 years, Modern Home and Bose share a deep-rooted partnership built on mutual trust and shared values. This enduring relationship reflects their steadfast commitment to providing clientele in Qatar with unparalleled products and services.
The 7th Bose Professional Annual Connect Event for the Middle East served as a platform for all stakeholders to reunite, network, and engage in meaningful discussions
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