Polaris Modular Closes $6.25M in Series A Growth Round
SALT LAKE CITY, UT – Nov 21 2024 – Polaris Modular (“Polaris Modular” or “Company”), a pioneer in the modular construction industry, today announced the closing of a $6.25M Series A growth round which will enable the Company to implement technology innovations essential to meeting client demand for large-scale multifamily and commercial construction in their Utah facility.
The funding round was led by Sentry Financial and HSL Properties, who bring a wealth of experience in real estate development, multifamily housing, build-to-rent apartments, and the hospitality industry. These key partners lend valuable expertise that will help Polaris achieve its vision to drive innovation and efficiency in construction and development.
Company Highlights:
Polaris Modular recently released a line of signature models for multifamily developers designed to expedite the planning and production timeline enabling rapidly-built housing. These off-the-shelf models can reduce permitting and construction timelines by 30% to 50%.
Polaris’ architecture and engineering team has created multi-use models designed for ease of replication and interchangeability. These repeatable modules enable the creation of custom multifamily builds up to 6 stories, helping customers achieve ideal price points and higher economies of scale.
Over the past year, the Company has made strides in the optimization of its production lines. Polaris has both volumetric steel and wood production lines allowing it to test the boundaries of next-generation build methods and materials.
With a detailed plan for the buildout of an optimized manufacturing facility, the Company is eager to implement mechanization innovations that will automate processes across multiple stages of the design and build process. The expected increase in production capacity will 4X the number of modules produced per annum.
“Our company plans to blend traditional labor, manufacturing automation, and digital technology to disrupt the construction industry as we know it," said Sumner Douglas, Founder and CEO of Polaris Modular. "This capital makes it possible to reinvent and modernize the entire construction process and address the shortage of 7 million homes in the U.S. today.”
Looking forward, Polaris Modular is focused on amplifying the efficiencies of factory-built housing. The Company plans to rapidly build multifamily housing and commercial buildings using replicable modules that can be produced in a matter of days on their tech-enabled production line. With a passion for sustainability, the Company remains committed to production methods that eliminate construction waste and inspire greater accountability throughout the industry.
About Polaris Modular:
Polaris Modular is a modular construction company serving as a strategic partner and builder for residential and commercial developers. The Company’s product focus includes multifamily housing, supportive housing, private label, and commercial and hospitality projects.
Investor Highlights:
Sentry Financial is a diversified financial services firm based in Salt Lake City, Utah, with almost 40 years of history and more than $4 billion in transactions to date. Sentry is focused on fostering a brighter future as a value-add investor across its three divisions: Equipment Financing, Real Estate, and Private Equity.
HSL Properties, the largest apartment owner in Southern Arizona, manages its 39 apartment communities comprising 10,000 units, along with several popular hotels totaling 1,700 rooms. HSL excels in lifestyle-focused build-to-rent apartments, multifamily housing, and hospitality projects.
Investor Relations Contact:
Sumner Douglas
Founder and CEO
801-502-8808