GO MODULAR, which aims to create low impact, “bespoke,” modular housing solutions for small and medium-sized developments, has acquired 93% (£304,613) of its £325,000 fundraising target from 284 investors via Crowdcube with 17 days left in the platform’s crowdfunding campaign.
GO MODULAR or GM explains that it uses proprietary technology & off-site construction to “complete projects in days rather than months.” Previously, they have “secured seed investment on Crowdcube in 2018 and have since achieved sales of £6.3m+.”
Based in the UK, the company reports a £10,750,000 pre-money valuation, EIS (pending), Type Equity, a £0.91 share price.
From July 2018 until September 2021 GM “achieved sales of £6.3m+.”
The company also shared other key business highlights:
- Oct 2020 to Sept 2021 revenue exceeds £3.8m (Profit £2,767)
- Our technology has received over £150k of R&D tax relief to date
- GO_modular has achieved a CAGR of 66% from YE Mar 2019 to YE Mar 2021
£130000 of funds ‘on the progress bar represent funds raised by the Company prior to launching the campaign,” the update clarified. The firm has “already received these funds, and the Company has indicated that these funds may be spent whilst the pitch is live.”
Completion of the Crowdcube raise will “occur on the same material terms and share price,” the update confirmed.
As noted in the announcement, GO_modular provides solutions “at a time when affordable, swiftly constructed, quality housing is in short supply by 100k homes from the government’s 300k annual target.”
GM targets this £60bn market “with established off-site modular productions (in excess of 5,200m² produced to date),” the update noted.
At GM, they have “created a tested approach to modular delivery whereby we translate existing planning drawings into a bespoke modular format for manufacturing.”
Their first factory has “a capacity of 200+ residential units annually, having produced 80 homes to date, constituting 165+ modular units,” the announcement added.
As noted in the announcement:
“The goal is to improve our technology & roll out our proven approach to benefit the market to produce homes with potential cost & time savings over traditional house building methods. We believe the market cannot deliver large volumes of new build homes faster & cheaper because of its reliance on traditional building techniques.”
The update also mentioned:
“The government should embark on a program to build 75,000 modular homes a year, according to a report by HTA Design partner Mike De’Ath & the government’s MMC Champion Mark Farmer Savills forecasts (“Modern Methods of Construction” report) the proportion of homes built in the UK using MMC will increase from around 6-10% today to 20% in the next 10 years.”
GM is raising to “facilitate growth & improvement of existing business model. We feel that the market conditions are now ideal to capitalize,” the update revealed.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!