Modulous Raises $10M, Joins Elemental ExceleratorNov 1, 2022

Elemental Excelerator, a climate tech investor for more than a decade, today announced that Modulous is part of its 11th cohort of investments.

Modulous is the Seattle and London-based construction technology company helping developers and construction firms build modular housing without capital intensive factories. Elemental selected Modulous as one of 17 industry-leading technology companies that are enabling system-wide decarbonization, supporting communities to become more climate resilient, and redesigning the built environment. Cohort 11 brings Elemental’s portfolio – one of the most robust climate tech portfolios in industry – to a total of 151 startups.

“Modulous believes the climate crisis is a catalyst for a fundamentally different approach to home-building and a future where everyone has access to safe, healthy, and sustainable homes,” said Janet Stephenson, U.S. Managing Director, Modulous. “We are thrilled to join Elemental, who provide valuable capital and talent to reinforce our mission, which is to create a sustainable home-building ecosystem with equity at the core.”

Elemental has made a direct investment in Modulous and will be an extension of the Modulous U.S. team. The combined team’s key initiatives will include physical assembly testing, a community partnership workforce program, and module construction to complete the company's first show home in the U.S.

“Today we welcome 17 teams working to redraw the big picture around our largest-emitting sectors and meaningfully collaborate with communities tackling climate change,” Elemental Founder & CEO Dawn Lippert said. “Entering our second decade of climate investing, we are betting on entrepreneurs tackling major sources of emissions -- like shipping, air conditioning, transportation and construction -- and working with every company to deploy successfully in local communities.”

Elemental’s investment model is distinct from conventional investment in that it has centered impact and communities from its inception. It was built to ensure that massive incentives for innovation translate into commercialization and community impact that benefit communities and tech builders alike. With 26 exits to date and an exit rate of 17%, Elemental has a proven track record demonstrating the scalability of this approach. Including Cohort 11, Elemental has now awarded more than $57M to its portfolio, and those companies have gone on to raise $7B in follow-on funding. Every dollar Elemental has invested has catalyzed more than $100 in follow-on investment across the portfolio.

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