Octopus Ventures led the seed financing round, which included participation from Deeptech Labs and Cambridge Enterprise.
"Construction is one of the world economy’s largest sectors, worth £7 trillion. McKinsey estimates that if the productivity levels were to catch up with the progress made by other sectors over the past 20 years or with the total economy, it could increase the industry’s value added by £1.2 trillion a year. We’re delighted to be backing such a formidable founder who is taking on a giant industry and we’re excited by BKwai because it is giving the industry the tools it needs to meet its potential. Not only is it helping companies optimise their builds and assets, it is also moving the industry to more green, sustainable practices that have long-term impact."
The Series A round was provided by Koru and SGN to fund product development and global expansion.
"Given the substantial safety, quality and financial benefits we have already enjoyed, we are delighted to be scaling our involvement through additional funding and are confidently targeting efficiency savings of £13 million per annum over the next 3 years through our new Innovation Partnership with FYLD."
Rothschild & Co division takes a significant minority stake in the construction software provider.
"This investment marks another leap forward for our business and for the value we can add to our customers. Our core purpose and passion is to digitally enable the global construction industry – the support of Five Arrows allows us to accelerate our work to help solve our customers’ challenges."
— Phil Brown, chief executive and executive chairman
The funding round was backed by CEMEX Ventures, Blackhorn Ventures, and GroundBreak Ventures to support team expansion and software development.
"our digitally led approach to project management and innovative ‘kit of parts’ platform delivers sustainable, high quality housing at a fraction of the time of traditional construction. Modulous provides partners with the end-to-end tools necessary to accurately estimate project costs, compress programme timescales and mitigate against the risks inherent in planning, design, and implementation"
