Philippine-based unicorn property technology (proptech) startup Revolution Precrafted is considering raising $100 million in a Series C funding round possibly next year to further expand its logistical capabilities in major markets where it is present, according to founder Robbie Antonio.
Speaking at the third edition of DEALSTREETASIA‘s Asia PE-VC Summit 2018 in Singapore on Wednesday, he also hinted at the possibility of Revolution Precrafted reaching a $10-billion valuation in three to four years after hitting a unicorn status in 2017.
“We will probably do a Series C next year when we have thousands of homes installed and reach more market than where we are right now. That’s obviously part of the gameplan,” Antonio said.
Established in December 2015, Revolution Precrafted sells highly customizable prefabricated homes and properties in 25 countries spread across six continents. It aims to be present in 55 countries next year and further raise that number to 85 to 100 in 2020.
“We’ve only done Series B so the pressure is more intense for us to go higher from here,” Antonio pointed out.
Revolution Precrafted first raised $15.4 million in March 2017 in a Series A funding round led by 500 Startups on a $250-million valuation. It again raised an undisclosed amount in October 2017 in a Series B round that values the company as a unicorn.
Antonio said he will utilize the proceeds of the planned Series C funding round to set up more shops in major markets, including one in Dubai to serve the Middle East market, and another in Malaysia to cover Southeast Asia.
The company will also seek joint venture opportunities and invest in plants or factories that already exist, he added.
In terms of valuation, Antonio said, the company has potential to reach a $10-billion valuation in three to four years.
“We would be in 85 to 100 countries and have installed thousands of homes for sure by that time. Valuation-wise, certainly much higher than this year because when we did our Series B, we were far from what we have achieved right now. I think that is possible,” he said.
Antonio also said the company’s exit plans include going public in a market like New York or London.
“That’s an option for us. It would be very hard for an acquirer to make us a target so the only fundamental way to exit is going public,” the 40-year-old unicorn founder revealed.
So far this year, Revolution Precrafted has bagged over $7.6-billion worth of big tickets projects including the $3.2-billion partnership with Seven Tide, for “The World Islands” in Dubai, and the $1.2-billion Okkyin project in Myanmar with KT Group.
In June, it signed a $300-million dealership agreement with Novo Development Ltd. to build at least 1,000 homes in the Caribbean nations of Trinidad and Guyana, Jamaica and the Bahamas.
It also sealed a $210-million contract to “ultra-high luxury” residential villages in San Bernardino Country, California, marking its official entry into the North American market.