Can homes be 3D-printed? Oakland-based startup Mighty Buildings just received $52 million in funding to find out.
The funding round, co-led by WAED Ventures and BOLD Capital Partners, brings the construction company’s total dollars raised to $150 million and its valuation to between $300 and $350 million.
As limited inventory, record-high mortgage rates, and stubbornly high prices plague the housing market, investors are looking to Mighty Buildings to alleviate cost burdens and a nationwide shortage of millions of homes.
High construction material costs in the wake of pandemic-era supply constraints and inflation, as well as labor shortages, are compelling property developers to rethink traditional home building methods. According to the Associated Builders and Contractors, the U.S. housing shortage is exacerbated by a shortage of 650,000 construction workers. And the vast majority of construction materials such as steel and concrete have seen substantial cost spikes since 2020.
A New Blueprint
3D-printed homes could be lighter on the pocket for homebuilders and homebuyers alike.
3D-printed homes could slash construction costs by 35% or more, according to a 2018 study from IOPscience shows . And if you’re impatient about waiting for your dream home, here’s more good news: It takes a lot less time to build a 3D-printed house.
With a proprietary material made of 60% recycled glass that’s stronger than concrete, Mighty Buildings aims to leave a lasting footprint on the 3D-printed construction market that is projected to reach nearly $50 million by 2030.
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