Boxabl Cross Lists Offering on StartEngine and Republic at $3 Billion Valuation

Investment crowdfunding is not just for smaller funding rounds and Boxabl is an excellent example of that. Boxabl is aiming to raise a whopping $1.07 billion at a valuation of $3 billion and it is leveraging two securities crowdfunding platforms to help with part of the funding. Boxabl is cross-listed on both StartEngine and Republic with the funding round nearing $15 million on StartEngine and $1 million on Republic.

According to the offering pages, Boxabl is aiming to raise $500 million in a Reg D offering, $500 million in debt, and $70 million in a Reg A+ offering. Previously, Boxabl has raised $55 million in other crowdfunded rounds ( Reg CF and Reg D 506c).

Boxabl is a pre-fab housing company that has garnered much media attention as well as a good number of orders. The $1.07 billion is expected to be used to construct the “world’s largest and most advanced housing factory to make upscale housing affordable for everyone.”

The first product, called the Casita, is a 20′ by 20′ studio apartment that can be installed in a client’s backyard in just one day. The product arrives fully furnished and is unloaded from the truck in just one hour. The cost for a Casita is just $50,000 and if you are interested you can finance it via the platform. Demand is said to be robust – so much so there is apparently a long waiting list. As of December 30, 2021, Boxabl reported that it has received over 4,000 deposits from potential customers of $100, $200, or $1,200 for over 4,400 Casitas, and in total, they have received interest from more than 70,000 additional potential customers wishing to reserve their place in line for when production of the Casita begins. The company also reports a purchase by the US government in the amount of $9.2 million.

The product received a bit of a boost when it was reported that Elon Musk owns a Boxabl. According to the Offering Circular, in time, Boxabl wants to pursue a franchising model that will allow it to scale globally.

The StartEngine offering indicates that 6540 investors have committed $14.9 million. The Republic page shows 283 investors have provided just under $1 million. Deal terms are the same.

 

 


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