A Pueblo, Colorado-based company has raised $5.75 million to expand production of its affordable modular housing units.
The Series A round was co-led by HMS Development and Bastogne Development Partners.
IndieDwell was founded in 2018 to help address the housing crisis by providing affordable, durable and energy-efficient dwellings. A modular home is made up of pre-fabricated sections, or modules.
IndieDwell’s projects include shipping containers that have been transformed into tiny homes, modules that can be combined to create duplexes or fourplexes, and multi-family housing.
In the Los Angeles area, the company is in the process of constructing a four-story, 26-unit apartment building, as well as four apartment buildings for “extremely low-income individuals,” according to the company’s website.
In July 2020, indieDwell opened a 100,000-square-foot factory in Pueblo, Colorado, that employs 100 people and will eventually grow to 200 employees, according to the company website.
IndieDwell plans to open another factory in Newport News, Virginia, in early 2022, according to the company’s website. That factory is expected to create 220 jobs, according to a news release from Virginia Gov. Ralph Northam.
The company said in a statement that it plans to announce additional factory locations next year.
“We are thrilled with our new investor partnerships as this capital comes at a time when our sales pipeline is strong, therefore helping fuel our growth initiatives,” indieDwell CEO Christina Ortiz Bluth said in a statement. “The cost and availability of housing is among the top list of concerns across our country and we look forward to using this momentum to continue increasing the affordable housing inventory and creating jobs that pay livable wages.”
