London-based modular construction technology provider Modulous has filed a notice of intention to appoint administrators.
The company’s technology enables developers, architects and contractors to build net zero modular homes without a factory.
Last year, Modulous announced that it had raised £10m in a Series A round of funding, with investors in the round including Patrizia-backed Sustainable Future Ventures (SFV), Regal London, CEMEX Ventures, Blackhorn Ventures and Goldacre.
The company was founded in 2018 by Chris Bone, Christopher Mortensen, Markus Cosmann, Reimell Ragnauth and Romill Bettany.
Bone said: ”Due to the vagaries of the venture markets, we were unable to fund the next stage of our journey and we have had to let a lot of very talented people leave our business. We are very sad for our team who have given their all, however, we remain absolutely committed to the industrialisation of construction and will continue to fight for the cause. We are currently seeking a buyer to work with to this end.”
