Reuben Brothers has invested £19m into a four-year-old UK modular housebuilder aiming to go global.
Project Etopia, headquartered in Cambridge, specialises in modular homes that combine energy efficient design, affordability and rapid construction.
Joseph Daniels, chief executive at Project Etopia, said: “The goal with the cash is to focus on scaling up. We want to manufacture and deliver homes for councils, housing associations that are greener and have good economics. We are also approaching mid to large-sized developers.
“We want to provide a global product. The biggest markets will be hopefully the UK and America, and we also want to support the developing market.”
Currently the firm has the capacity to produce 2,000 units, but Daniels said it was targeting producing 6,000 units by the end of 2020.
A spokesperson for Reuben Brothers said: “Project Etopia has set out its stall in building elegantly designed, high quality eco homes and is already demonstrating how its vision aims to make a big impact to address the UK’s housing crisis.
“The company has enormous ambition to revolutionise the housing industry, and we are pleased to support an important pioneer in the sector. The day when offsite construction arrives as a mainstream method within housebuilding is drawing ever closer, and our investment will provide Etopia the resource needed to deliver on its goals as soon as possible.”
Daniels founded Project Etopia in 2015, and it received its first significant investment from hedge fund manager Lord Stanley Fink, who has formerly held roles as Conservative party treasurer and chief executive of active investment management firm Man Group. Fink invested £3m in the business last year.
The company’s first major development was a 47-unit residential scheme in Corby, Northamptonshire, which was selected as one of five ‘Building for 2050’ research projects funded by the Department for Business, Energy & Industrial Strategy.
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