Blu Homes Raises $25 Million in Additional Capital
Skagen Group and Brightpath Capital Partners Join Existing Investors in Latest Round
SAN FRANCISCO and WALTHAM, Mass., March 26, 2012 /PRNewswire/ -- California and Massachusetts-based precision homebuilder, Blu Homes (www.bluhomes.com), has raised $25 million in additional capital. Investment is being led by Netherlands-based Skagen Group, who joined existing investors and new investor Brightpath Capital Partners of California. This latest round, which will help the company invest in its proprietary 3-D and manufacturing technologies and expand its single family and developer sales teams, brings total investment in Blu Homes to $50 million since its founding in 2007.
"Our homes are built to last for generations and we're building our company to do the same. This investment, which comes from a group of thoughtful leaders with a proven track record in building sustainable enterprises, positions Blu for success well into the future," said Bill Haney, Blu Homes' founder and president.
Blu is America's leading designer and manufacturer of architect-designed, green, precision-built homes. Blu's beautiful homes drop a family's carbon footprint, energy use, and water use by 70% and feature bright, open floor plans, soaring ceilings and luxury amenities. Blu allows people to design their homes for free online and in 3-D with the Blu Configurator and engineers and builds its products to the highest precision built standards.
"We are committed to building Blu Homes to become the leading provider of precision-built, green housing in the US and throughout international markets," said Loek Malmberg, Executive Chairman of the global investor, Skagen Group. "We invest in leading green technology companies that are scaling technology innovation to improve the health of the planet. Blu fits perfectly with our portfolio's focus and our in depth review convinced us it has what it takes to revolutionize the global building industry." Skagen Group's business holdings include a diverse portfolio of sustainable products and services companies. Mr. Malmberg will join the Blu board of directors.
"We're very excited about the way Blu Homes combines deeply proprietary information technology and innovative building science with cutting edge design and commitment to sustainability," said Rob Davenport, Managing Partner of Brightpath. "Blu epitomizes the best in American innovation, manufacturing skills, and craftsmanship. This is a combination that will drive America forward in the 21st century, while creating green jobs across the country and a world class product that is licensable and scalable to thousands of homes in the US and international markets." Mr. Davenport will also join the Blu board of directors.
Blu's homes are built by skilled craftsmen in the company's 250,000 square-foot factory in Vallejo, CA. Once complete, the homes are installed on-site in one day and completed in just two weeks by Blu's teams of craftsmen. This speed and convenience is a result of Blu's proprietary building science technology, which allows its homes to be folded for quick and cost-effective transportation and setting on site. All of this is done at a pre-agreed, fixed cost.
About Blu Homes
Blu Homes, Inc. is the leading provider of beautiful and green precision-built homes in North America. Built in its own 250,000 square foot state-of-the-art manufacturing facility in Vallejo, California, Blu's inspired and nationally recognized homes can be found from New York to the Colorado Mountains and Pacific Coast. Blu's proprietary steel framing and building technology result in homes that are as strong as they are beautiful; that ship efficiently; and are conveniently finished on site by our own teams. Blu homes are more economical, healthier to live in, require lower maintenance, and are much stronger than conventional construction.
SOURCE Blu Homes, Inc.
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