Revolution Precrafted is Philippines’ first unicorn after Singapore K2 VC-backed round

Source: Revolution Precrafted

Modular homes creator Revolution Precrafted has become the first unicorn to emerge from the Philippines after it raised its latest round of funding from Singapore-based venture capital firm K2 VC and others.

The term unicorn is used to describe startups that have achieved a valuation of over $1 billion.

In an interaction with DEALSTREETASIA, Revolution Precrafted communications head Anku Chibb confirmed that the company has reached a valuation of over $1 billion and that K2 VC was one of its latest investors. Other investors and the stage and size of the round remain undisclosed.

“We will be using the investment to expand our operations in various countries and grow our product range,” Chibb said.

Ozi Amanat founded the Singapore-based K2 VC in 2014, backed by billionaires who want to invest in formidable unicorns.

Led by real estate developer Robbie Antonio, Revolution is a real estate technology startup that delivers high-design structures and pop-up retail and fitness centres. The two-year-old startup received $15.4 million in funding from 500 Startups and other investors last March.

500 Startups managing partner Khailee Ng, in a previous interview, said Revolution’s fast business traction was the main reason behind the investment, citing the startup had already received $110 million of sales orders in the first year of operations. Its net value was at $256 million last March.

Antonio recently noted Revolution is not playing a game about continuous fundraising at higher and higher valuations, but is building “a real business, focused on growing revenues and will be utilizing project financing to grow.”

Only last May, Revolution, together with Philippine-listed company Century Properties Group (CPG), signed a joint venture agreement with Indonesia’s Bakrie Global to develop a media city, a sports city and a technology corridor in the Philippines.

Also read:

PH firms Century Properties, Revolution Precrafted ink JV with Indonesia’s Bakrie

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

Malaysia’s Frontier Digital Ventures backs Philippine property portal Hoppler

Philippines: Net Group leads $2.1m series A round in Flyspaces

Philippines: ZipMatch closes another Series A round led by Kickstart

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.