Modular firm Nexii announces $35M funding, raises valuation to over $1.5 billion

Abstract

The Vancouver-based firm acquired Omicron, one of the largest design and construction firms in Western Canada, last summer, while also expanding its base by building factories in Canada and the Eastern U.S. Its recent projects include Starbucks, a Marriott hotel, drive-through and dine-in restaurants such as Popeyes and A&W Restaurants, and a retail bank. Its building system and material Nexiite, a sustainable alternative to conventional concrete, cuts construction waste to near-zero, accelerates delivery schedules and slashes carbon emissions, according to the company. Nexii claims its buildings have 31% less embodied carbon than conventional construction materials, according to the press release. Despite the construction method's benefits, contractors experience issues with modular adoption on projects. A lack of national regulatory standards also hinders the promise of modular and offsite construction. The firm's failure was so spectacular that it's one of the first issues modular construction firms need to address today. Chris Bone, CEO of London-based contech firm Modulous, similarly told Construction Dive his company's approach was asset-light, and uses existing supply chains and focuses on building a technology platform that enables modular construction.