Facebook, Google back modular housing startup – The Real Deal

Facebook, Google back modular housing startup – The Real Deal

From left: Google's Sundar Pichai, Facebook's Mark Holliday, and Factory_OS's Rick Holliday and Larry Pace (Getty; Factory_OS; iStock)

From left: Google’s Sundar Pichai, Facebook’s Mark Holliday, and Factory_OS’s Rick Holliday and Larry Pace (Getty; Factory_OS; iStock)

Tech giants Facebook and Google are pulling out their checkbooks to back a modular housing startup.

Factory_OS, which aims to build apartments more efficiently and for less money, announced the Series B Friday. The $55 million round was led by Lafayette Square Holdings, with participation from Autodesk, Citi and Morgan Stanley, along with Facebook and Google.

Based in Vallejo, California, Factory_OS was founded in 2017 by general contractor Larry Pace and Rick Holliday, a San Francisco affordable housing developer. The startup previously raised $22.7 million, according to Crunchbase.

Factory_OS aims to build houses “more like cars,” according to a press release, meaning different components of each are pre-assembled simultaneously. The company claims it can lower construction costs by 20 to 40 percent by assembling everything off-site.

With the fresh capital, the startup aims to “accelerate growth” of its technology, it said in a press release, as well as ramp up manufacturing at a 100,000-square-foot facility that’s currently under construction in Mare Island, in the Bay Area. It’s also looking to expand into Los Angeles, according to
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