The investment will enable the modular housebuilder to accelerate its expansion plans as it focuses on further developments as well as opportunities globally.
The funding from Reuben Brothers — which specialises in private equity, real estate investment and development, and debt financing — is the largest investment Project Etopia has received to date.
Joseph Daniels, CEO at Project Etopia, said: “Reuben Brothers’ significant investment in Project Etopia is a huge endorsement by an eminent investor of what we are doing and marks an enormous milestone in the company’s history.
“There is no place for poor quality housing in the UK, and we are demonstrating that high-quality affordable housing can be built at great speed with a drastically smaller environmental footprint.
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“With a growing pipeline of future projects, this latest investment will ensure we can take full advantage of the demand which exists for new homes that use the latest off-site techniques.”
This comes as Project Etopia recently secured an agreement to build a demonstration home at Building Research Establishment’s Watford Innovation Park.
A spokesperson for Reuben Brothers added: “Project Etopia has set out its stall in building elegantly designed, high-quality eco homes and is already demonstrating how its vision aims to make a big impact to address the UK’s housing crisis.
“The company has enormous ambition to revolutionise the housing industry, and we are pleased to support an important pioneer in the sector.
“The day when off-site construction arrives as a mainstream method within housebuilding is drawing ever closer and our investment will provide Etopia the resource needed to deliver on its goals as soon as possible.”