Modular contemporary company nHouse has successfully secured its initial £400,000 funding target through its Seedrs equity crowdfunding round. The funding round, which launched in November, comes less than a year after the company raised £302,800 through its previous Crowdcube initiative.
nHouse notably creates spacious, high-tech, and free “grand design” styled homes in a factory. The company 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.
“We have created the nHouse for forward-thinking self-builders, volume developers, housing associations, local authorities and other organisations who are looking for a solution to the housing crisis. The nHouse can be set up as a detached house, semi-detached or as a terraced property. It’s available in 3 and 4 bedroom configurations with an optional carport. The nHouse is built using innovative off-site construction techniques and can be delivered and installed on your site quickly and efficiently.”
nHouse received an average of 83 incoming sales enquires per month and it has 60 nHouses now in planning, out of planning or about to be submitted to planning – representing a potentially more than £13 million revenues. The company has signed an MOU with a major developer for 152 homes to be supplied by nHouse in 2020.
“nHouse has developed a range of 12 properties, from flats and bungalows right up to large six-bed houses, using a variety of construction materials, finishes and specifications as well as optional extras. We have selected our manufacturing partners, worked up the extensive documentation, design and engineering information required and achieved BOPAS accreditation. nHouse have helped to create, and have a 28.3% shareholding, in Click House – a low-cost affordable solution for the entry-level property market.”
- Employment of 2 x additional staff (Sales Staff and Project planners) over the next 12 months. (20% of expenditure)
- Marketing activity (PR and other) to raise awareness further (35%)
- Developing additional nHouse products via design and prototyping (10%)
- Research and development work necessary to prepare expenditure plans for the major 2020 raise (5%)
- Working capital to support sales (30%)
Through the funding round, nHouse is offering 7.49% in equity at a £4,942,733 pre-money valuation. The campaign is set to close later this month.
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