Modular housebuilder TopHat has raised £70m from new and existing shareholders in its latest fundraising round.
Persimmon and Aviva – through its Aviva Capital Partners unit – have both made a “substantial investment” in the company, with existing shareholder Goldman Sachs Asset Management also subscribing to TopHat’s latest fundraise.
Jordan Rosenhaus, CEO and Founder at TopHat, said: “Today’s announcement is testament to the innovative approach that TopHat continues to take to house building and marks a step-change for the future of housing. It has been clear for some time that designing and building green, beautiful homes in factories is a critical part of solving the housing crisis – and today’s announcement will enable TopHat to reach the scale where the new generation of modular homes can be made available to everyone.”
Dean Finch, group chief executive at Persimmon, added: “Persimmon is delighted to announce this partnership, combining the country’s most innovative modular manufacturer with the most cost-effective volume house builder.
“This investment provides Persimmon with guaranteed access to very energy-efficient volumetric modular units as well as TopHat’s innovative brick façade to use with our Space4 timber frame products. This will provide further build efficiencies, manage the growing challenge of labour shortages in key trades and expand our product range for customers. Combining our complementary industry-leading capabilities alongside other significant new investment makes me excited for the opportunities ahead.”
John Cummins, CEO at Aviva Capital Partners, said: “Aviva is using its financial strength to invest in the sustainable infrastructure and real estate which are central to the UK’s net zero transition. TopHat is a pioneer of low carbon homes and this investment will make sustainable housing more widely available, making a difference to communities and providing a retirement income for our customers.”
Harry Swales, chief investment officer at Homes England, added: “Modern methods of construction [MMC] have the potential to revolutionise the housing sector, driving greater efficiency and productivity, reducing carbon emissions, decreasing disruption caused by construction and increasing consumer choice.
“As the government’s housing and regeneration agency, we’re committed to increasing the use of MMC, and supporting our partners in the sector to invest in it. This investment from TopHat, Persimmon and Aviva Capital is not only an important step forward for TopHat, but really encouraging for the wider sector.”
