Total amount raised
$80 Millions
Latest funding date
02/01/2024
Location
Higharc has successfully raised $53 million in its latest Series B funding round, attracting investments from prominent firms such as SE Ventures, Home Depot, and Fifth Wall. The platform offers a connected cloud solution designed to streamline the homebuilding process by integrating design, sales, and construction workflows.
Keep reading to explore the intricacies of Higharc's fundraising journey and the investors backing this innovative platform.
What Is Higharc?
Higharc, founded in February 2018, is a homebuilding automation platform based in Durham, North Carolina. The company was established by Marc Minor, Michael Bergin, Peter Boyer, and Thomas Holt.
Higharc's platform aims to revolutionize the homebuilding process by integrating design, sales, and construction workflows. It offers tools for design automation, purchasing and estimating, sales and marketing, and construction management.
With a team of 101-250 employees, Higharc continues to innovate in the homebuilding industry, providing a connected cloud solution that simplifies and enhances the entire homebuilding process.
How Much Funding Has Higharc Raised?
- Seed Round
- Amount Raised: $4.7M
- Date: May 2019
- Lead Investors: Pillar VC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Higharc's homebuilding automation platform.
- Series A
- Amount Raised: $21M
- Date: April 2021
- Lead Investors: Spark Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's capabilities and market reach.
- Corporate Round
- Amount Raised: $1.3M
- Date: January 2023
- Lead Investors: Simpson Strong-Tie Company
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance strategic partnerships and product development.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: March 2023
- Lead Investors: Ferguson Ventures, Starwood Capital Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expansion and business growth.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: July 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and business nationwide.
- Series B
- Amount Raised: $53M
- Date: February 2024
- Lead Investors: MetaProp, Carl Bass
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel growth in new-home sales and develop the connected homebuilding cloud.
Total Amount Raised: $80M
Current Valuation: Not publicly disclosed
Key Investors
- Pillar VC
- Details: Pillar VC is a venture capital firm that invests in early-stage companies. They have a strong focus on supporting innovative startups.
- Investment Focus Areas: Technology, healthcare, consumer products
- Notable Investments: PillPack, Desktop Metal, Algorand
- Spark Capital
- Details: Spark Capital is a venture capital firm that invests in startups across various stages. They are known for their strategic investments in high-growth sectors.
- Investment Focus Areas: Consumer, commerce, fintech, software, media
- Notable Investments: Twitter, Slack, Oculus
- Ferguson Ventures
- Details: Ferguson Ventures is the corporate venture capital arm of Ferguson Enterprises. They focus on investing in companies that bring innovation to the construction industry.
- Investment Focus Areas: Construction technology, smart home, energy efficiency
- Notable Investments: Phyn, Uponor
- Starwood Capital Group
- Details: Starwood Capital Group is a private investment firm with a focus on global real estate. They have a diverse portfolio that spans multiple sectors.
- Investment Focus Areas: Real estate, energy infrastructure, oil & gas
- Notable Investments: Extended Stay America, LNR Property
- Simpson Strong-Tie Company
- Details: Simpson Strong-Tie Company specializes in structural building products. They are a key player in the construction technology sector.
- Investment Focus Areas: Construction technology, building materials
- Notable Investments: Various construction technology startups
What's Next for Higharc?
Higharc is poised for significant growth as it expands its operations nationwide, leveraging its intelligent platform to automate home design, sales, and construction. This expansion presents a substantial opportunity to streamline the homebuilding process and enhance market reach.
Future fundraising efforts are likely, given the strategic investments from prominent backers like Standard Investments and Home Depot Ventures. These funds will support further technological advancements and operational scaling. However, Higharc may face challenges such as competition from other technology providers and the need to maintain quality while scaling operations.
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