closes $5.5M in financing led by Cercano Management and Kapor Capital
Summary
April 5, 2023 Blokable has closed $5.5 million in additional funding led by existing investors Cercano Management (previously Vulcan Capital) and Kapor Capital.Supply chain shocks, inflation pressure, and turmoil in the banking system have exacerbated the generational crisis in housing access and affordability. This is why Blokable has spent the past 6 years and invested over $30 million in R&D and prototyping to reframe the development process itself and to leverage the inherent efficiencies of advanced manufacturing through a platform we call Modular Development.Through its vertically integrated Modular Development platform, Blokable controls the entire real estate process, including design, planning, financing, permitting, manufacturing, delivery, and final assembly. When Blokable reaches full-scale advanced manufacturing, its next factory is expected to produce enough modular units (Bloks) to build over 2,000 apartments yearly with a projected aggregate market value of well over $1 billion. Not only will this drive social equity by dramatically expanding housing opportunities for lower-income segments of the population, but through Blokables Affordable To Own program it will also enable wealth creation among underserved households and the community at no cost to Blokable or the government.Historically, real estate innovation has been misapplied, focusing on technology inputs that are easily commoditized and do not meaningfully reduce development costs, said YB Choi, Partner at Cercano Management. Whats unique about Blokable is that it has achieved the optimal application of innovation and technology into the value creation capabilities of real estate.Real estate is the only product in the world that appreciates in value after it is completed, added Del Rio.