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Bloomberg
An Austrian startup that aims to streamline housing construction raised about €100 million in fresh cash from a group of investors led by Vonovia SE, Germany’s largest landlord.
Gropyus AG will use part of the Series B funding to expand its factory in southwest Germany, according to Chief Executive Office Markus Fuhrmann. The Vienna-based company targets output of 250,000 square meters of timber-based homes per year by 2024. That’s equivalent to about 4,000 one-bedroom apartments.
Affordable housing has become a hot-button issue in many cities as soaring rents stoke public anger. With its pre-fabricated, energy-efficient apartments, Gropyus aims to make it cheaper for landlords to build units and allow them to offer digital services to tenants.
The company has developed what it calls a building operating system to accelerate construction and make the units easier to manage. Last year, it completed a pilot project, building 54 homes within 11 weeks of finishing the concrete foundation.
The cooperation with Vonovia may include the construction of new apartments.