ICON raises $185M in Tiger-led spherical to construct extra houses with its 3D printing tech, now approaching $2B valuation – TechCrunch
ICON, which creates houses utilizing 3D printing, has raised an extra $185 million in a spherical led by Tiger World Administration, TechCrunch has realized completely.
The financing is claimed to be an extension of ICON’s $207 million Series B that was introduced final August.
Whereas the Austin-based firm confirmed the newest elevate, it declined to touch upon its valuation or present additional particulars. Nonetheless, sources accustomed to the deal who want to stay nameless advised TechCrunch that ICON’s valuation “is now approaching $2 billion” and that some current buyers put more cash into the corporate.
A spokesperson wrote by way of e-mail: “We’re excited for the chance to proceed partnering with world class buyers, board members and organizations at each stage.”
Earlier backers embrace Norwest Enterprise Companions, 8VC, Bjarke Ingels Group (BIG), BOND, Citi Crosstimbers, Ensemble, Fifth Wall, LENx, Moderne Ventures and Oakhouse Companions, amongst others. It’s not clear which of these buyers additionally participated on this extension. With the newest financing, ICON has now raised a complete of $451 million in fairness.
ICON was based in late 2017 and launched throughout SXSW in March 2018 with the primary permitted 3D-printed dwelling within the U.S. That 350-square-foot home took about 48 hours (at 25% pace) to print. ICON purposely selected concrete as a cloth as a result of, as co-founder and CEO Jason Ballard put it, “It’s probably the most resilient supplies on Earth.”
On the time of its final elevate, the startup mentioned it had delivered greater than two dozen 3D-printed houses and buildings throughout the U.S. and Mexico. Greater than half of these houses have been for the homeless or these in persistent poverty. For instance, in 2020, ICON delivered 3D-printed houses in Mexico with nonprofit accomplice New Story. It additionally accomplished a collection of houses serving the chronically homeless in Austin, Texas, with nonprofit Cellular Loaves & Fishes.
The startup broke into the mainstream housing market in early 2021 with what it mentioned had been the first 3D-printed homes for sale within the U.S. for developer 3Strands in Austin, Texas.
After which final October, ICON introduced a partnership with Lennar, one of many nation’s largest homebuilders and an investor within the startup by means of its enterprise arm, LENx. With plans to interrupt floor this yr, the pair plan to construct 100 houses in what they describe as “the most important neighborhood of 3D-printed houses thus far” utilizing ICON’s robotics, software program and superior supplies.
ICON touts that its 3D printing expertise produces “resilient, energy-efficient houses” sooner than standard building strategies with much less waste and extra design freedom. With so many cities within the U.S. affected by a extreme housing scarcity, the necessity for extra reasonably priced housing — particularly in markets like Austin the place the median worth of houses went up 46% over the previous yr — is extra pronounced than ever.
Earlier this week, Homebound introduced it had raised $75 million in a Sequence C funding spherical led by Khosla Ventures towards its personal efforts to assist deal with housing stock shortages with its expertise.
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