ModulusTech closes seed investment round led by Magnus Communications
ModulusTech, a flat-packed housing startup, has closed its seed funding round led by Magnus Communications.
The investment amount remains undisclosed. This seed round was equity-based and the investors will get one seat at the board. The organizational structure of the startup will experience no changes after the investment round. However, the startup will be adding newer departments and hiring extensively over the next year.
ModulusTech is an alumnus startup of The Nest I/O, that develops flat-packed housing that can be assembled within three hours under a cost of USD 3000. The startup has won various accolades across national and international forums. For developing a housing solution that cuts down carbon emission by almost 50 percent, ModulusTech was recognized and awarded by the United Nations Industrial Development Organization.
Speaking to TechJuice, Founder & CEO Nabeel Siddiqui shared that they had gained a significant traction in the pre-investment phase. Therefore, the seed funding will be utilized to scale the production capacity of ModulusTech and introduce a new product line. The engineering startup has been working on Autonomous Houses as its latest product. The research and development for which is near completion.
The startup is also exploring a diverse customer base, such as schools, clinics, tourists lodges, and various others to deploy their products. With the announcement of the Prime Minister’s Housing Scheme, they are also directing their efforts to collaborate with the public project. Nabeel shares,
“Such social projects have been the reason we started ModulusTech. It is amazing how we not only offer an affordable housing solution but we also create huge environmental impact by lowering the carbon footprint and increasing the energy efficiency of our houses, aligning perfectly with the government’s agenda. With the given the number of houses required, the most efficient way to do it would be through an industrialized housing concept like ours, a traditional construction approach will take too long.”
The same week towards the build-up of the investment round, the startup was able to establish a bigger factory, carried out a public launch of their Autonomous Home, and successfully completed its sales projection for the financial quarter!
The startup has been able to exponentially increase its sales and fostered significant partnerships with NGOs to build a social impact that ModulusTech has always aimed for. Moreover, the startup is working with foreign distributors who associate with similar social causes.
Sharing about the future plans of ModulusTech, Nabeel shares,
“I see the company scaling fast in the coming years with innovation at its core. With more projects in Pakistan as well as internationally. We are receiving wide interest from foreign markets and deals to launch in foreign markets are already in place!”