Wednesday, April 3, 2019

New West Coast Modular Factory Gets $14 Million in Funding

Dvele, a Northern California startup, just closed on a $14 million round of cash from Texas investors Crescent Real Estate.

Dvele plans to move its main operations from Santa Rosa, CA to San Diego over the next year and with the new funds Dvele plans to hire 40 new marketing and sales people over the next year to build up the team.
In 2017 the owners decided to start their luxury modular home business and bought the former Hallmark Southwest Modular Homes plant in Loma Linda, CA and expect the factory to soon be at 240 people.
The owners are prepared to meet the need for luxury modular housing in California and load their houses with high tech sensors that detect when a house needs to adjust to current conditions like moisture in the walls as well as interior air quality. Just like my new car tells me it’s time for routine maintenance and wants to know if I would like to call my dealer to schedule an appointment while I’m driving, their modular homes will alert the homeowner about the slightest changes in the house and maybe in the future it will even be able to call pre-approved plumbers, electricians and possibly the pool guy to come and add chemicals. Dvele brought in $6 million in revenue in 2018, and expects to more than triple that figure to $20 million by the end of 2019. That will be quite a feat if they can pull it off. For those that follow the luxury modular market on the West Coast, this should remind you of those folks at Blu Homes. Dvele is even working on software that allows home buyers to design their own homes from the comfort of their lounge chair at home just like Blu Homes. Let’s hope Dvele doesn’t share their fate.

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