ICON, which creates homes using 3D printing, has raised an additional $185 million in a round led by Tiger Global Management, TC has learned exclusively.
The financing is said to be an extension of ICON’s $207 million Series B that was announced last August.
While the Austin-based company confirmed the latest raise, it declined to comment on its valuation or provide further details. However, sources familiar with the deal who wish to remain anonymous told TC that ICON’s valuation “is now approaching $2 billion” and that some existing investors put more money into the company.
A spokesperson wrote via e-mail: “We are excited for the opportunity to continue partnering with world class investors, board members and organizations at every level.”
Previous backers include Norwest Venture Partners, 8VC, Bjarke Ingels Group (BIG), BOND, Citi Crosstimbers, Ensemble, Fifth Wall, LENx, Moderne Ventures and Oakhouse Partners, among others. It is not clear which of those investors also participated in this extension. With the latest financing, ICON has now raised a total of $451 million in equity.
ICON was founded in late 2017 and launched during SXSW in March 2018 with the first permitted 3D-printed home in the U.S. That 350-square-foot house took about 48 hours (at 25% speed) to print. ICON purposely chose concrete as a material because, as co-founder and CEO Jason Ballard put it, “It’s one of the most resilient materials on Earth.”
At the time of its last raise, the startup said it had delivered more than two dozen 3D-printed homes and structures across the U.S. and Mexico. More than half of those homes have been for the homeless or those in chronic poverty. For example, in 2020, ICON delivered 3D-printed homes in Mexico with nonprofit partner New Story. It also completed a series of homes serving the chronically homeless in Austin, Texas, with nonprofit Mobile Loaves & Fishes.
The startup broke into the mainstream housing market in early 2021 with what it said were the first 3D-printed homes for sale in the U.S. for developer 3Strands in Austin, Texas.
And then last October, ICON announced a partnership with Lennar, one of the nation’s largest homebuilders and an investor in the startup through its venture arm, LENx. With plans to break ground this year, the pair plan to build 100 homes in what they describe as “the largest community of 3D-printed homes to date” using ICON’s robotics, software and advanced materials.
ICON touts that its 3D printing technology produces “resilient, energy-efficient homes” faster than conventional construction methods with less waste and more design freedom. With so many cities in the U.S. suffering from a severe housing shortage, the need for more affordable housing — especially in markets like Austin where the median price of homes went up 46% over the past year — is more pronounced than ever.
Earlier this week, Homebound announced it had raised $75 million in a Series C funding round led by Khosla Ventures toward its own efforts to help address housing inventory shortages with its technology.
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