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.