Philippines: 500 Startups, others back modular home firm Revolution Precrafted in $15.4m round

Visual from Revolution Precrafted's website.

Revolution Precrafted, a Philippine-based modular homes creator, has received funding from 500 Startups  and other undisclosed investors in a seed round pegged at $15.4 million.

In an interaction with DEALSTREETASIA, 500 Startups managing partner Khailee Ng said Revolution already proven $110 million of sales orders in the first year of operations and the fast business traction was the main reason behind this investment.

“They didn’t need venture capital. This is a deal we had to fight to get into,” Ng said.

Also Read: PH Digest: New umbrella organization StartupPH launched; 500 Startups mulls Philippine microfund

“We invest in businesses that can grow really big, hopefully sooner than later,” Ng said, “It’s rare you get a business with so much traction so fast, with so much upside. Also,[Revolution] is profitable, and fundable via project financing.”

Founded in 2015, Revolution is a collection of limited edition, pre-crafted properties, including homes and pavilions, introduced by design & real estate developer Robbie Antonio.

Now valued at $256 million, Revolution unites over 30 preeminent architects, artists and designers in different countries to create an exclusive series of prefabricated, livable spaces.

“Revolution Precrafted is ramping up its revenue quickly, and may be becoming the first $1 billion Philippine ‘unicorn’ startup, if it raises further outside equity financing at all,” Antonio said in a statement. “We’re not playing a game about continuous fundraising at higher and higher valuations. We’re trying to build a real business. We’re heads down focused on growing revenues and will be utilizing project financing to grow.”

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Ng noted 500 Startups, as a global venture capital seed fund based in Silicon Valley, continues to target investments across Southeast Asia and regularly track investments.

“We’ve done deals like ZipMatch, mClinica, Ayannah, etc in the Philippines and will continue to review opportunities there,” Ng said.

He added the planned micro fund for the Philippines is still on the works.

500 Startups has over $330 million in committed capital across four main funds and 13 micro funds. It has so far invested in 1,800 technology startups worldwide since its inception in 2010.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.