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

Visual from company 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.

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“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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