Although its equity crowdfunding campaign is set to close at the end of August, modular contemporary company nHouse announced plans to complete the funding round on Crowdcube earlier than expected.
The company, which launched its initiative last month, quickly secured its initial £495,000 funding target and is now nearing £930,000 thanks to 650 Crowdcube investors. nHouse revealed that it has agreed to close the campaign once it hits £1 million.
“Whilst we have 21 days remaining of the raise period, we have today agreed with Crowdcube to cap our fund raising at £1,000,000. Hitting this number will make us one of a very small number of UK businesses to have hit such a target through the support of investors like yourselves. The additional funds being raised allow us to increase our marketing and sales activity and accelerate our plans to become the leading modular house brand in the UK. Currently we are attracting investment of over £20,000 per day so if this rate continues we should have closed our fund raising within a week from now, if not sooner. We are, however, in discussions with individuals who are looking to invest a substantial amount that would see the raise immediate close.”
As previously reported, each of the company’s houses use ‘Grand Designs’ styling to offer a tech enabled feature rich, green and spacious rival to poorly designed kit houses and space restricted new builds. The nHouse noted it aims to form part of the solution to the UK’s housing problem and is in talks with major developers to supply thousands of homes over the next five years. At the time of the campaign’s launch, founder Hywel Evans stated:
“Thanks to the advent of new materials like Cross Laminated Timber, new technology and the support of the banks in providing mortgages this sector has now reached a tipping point. From my desk, I can use my computer to instantly instruct precision saws in a house building factory to cut wooden house panels to within a millimetre of my exact requirements. That simply isn’t possibly on a building site. If the Japanese can make 140,000 homes a year, just for the city of Tokyo this way, then there is absolutely no reason we can’t boost UK home building.”
Funds from the campaign will be used for creating our prototype house (also our sales showhome), securing critical design cover, applying for a worldwide patent for our Quad Click technology, sales and marketing launch and covering cashflow requirements with our manufacturing partner.
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