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Cover, A Modular Home Builder That’S Modeled In Ways After Tesla, Has Raised A $60 Million Series B

Cover, A Modular Home Builder That’S Modeled In Ways After Tesla, Has Raised A $60 Million Series B

10/28/21, 6:01 PM
Location
l.a. based
Money raised
$60 million
Round Type
series b
There are lot of startups now working on modular home design. Among the most interesting is Cover, a seven-year-old, L.A.-based company that says it manufactures fully complete wall, floor, and roof panels in its factory, then transports them on a standard truck and assembles them on site in 30 days — without a crane.

Company Info

Company
Cover
Location
l.a. based, madhya pradesh, ind
Additional Info
For example, the company installs all plumbing and electrical wiring in the ceiling, so that if an owner wants to run a new wire or pipe, she or he need only pop off ceiling to do it. The company is today announcing that it has raised $60 million in Series B funding led by Gigafund, an investment firm that was founded by two former Founders Fund investors who have bet heavily on SpaceX.Joining the round are Valor Equity Partners and Founders Fund — both of which are also early investors in SpaceX and Tesla — and a whole bunch of other notable backers, including General Catalyst, Lennar, Fifty Years, AngelList cofounder Naval Ravikant, Lowercase Capital founder Chris Sacca, Marathon Asset Management CEO Bruce Richards, and Dropbox cofounder Arash Ferdowsi, among others. But beyond the roughly 20 backyard homes it has already built, the company — which has now raised $75 million altogether –very much intends to begin building bigger, multilevel homes, as well as multifamily units. Rivas, who grew up in Toronto, studied architecture in college and bounced briefly around a number of architectural firms before founding Cover, takes pride in being able to attract engineers from SpaceX and Tesla to the mission and at various points during a conversation earlier this week, likened Cover’s processes to that of the automaker.He’s seemingly not the only one who sees similarities. Among the most interesting is Cover, a seven-year-old, L.A.-based company that says it manufactures fully complete wall, floor, and roof panels in its factory, then transports them on a standard truck and assembles them on site in 30 days — without a crane.