Blokable Raises $23 Million and Plans New California Manufacturing Facility
Blokable, the Seattle-based modular housing startup, had their $23 million funding announcement featured in Geekwire. The Series A round was led by Vulcan Capital with participation from Salesforce co-CEO Marc Benioff, Building Ventures, Jason Calacanis’ LAUNCH, Kapor Capital, Motley Fool Ventures, Ten Eighty Capital, and angel investor Dennis Joyce. The round brought Blokable to $28 million in lifetime funding as they plan to open a second manufacturing facility in Sacramento, California.
Last year, Geekwire reported on the first model unit delivered by Blokable as part of a larger housing project in Edmonds, Washington, north of Seattle. Since then, Blokable hasn’t completed any additional projects and has instead focused on nailing down the business model and making sure the manufacturing process meets housing regulations. “We’re not rushing to get maximum output at this point,” said Aaron Holm, Blokable Co-CEO. “It’s really about the engineering of the building system and getting that 100 percent ready for scale and then looking for opportunities to spread across the country.”
In a housing market that is fundamentally broken with costs too high to build housing and no economic dip or market correction to make enough of a difference, Blokable envisions itself as a disruptor of the traditional housing development process by creating a streamlined manufacturing system that can be easily repeated to lower costs and time to build.