ICON raises $185 million in Tiger-led round to build more homes with its 3D printing technology, now approaching a $2 billion valuation – TechCrunch

Startups

ICON, which makes homes using 3D printing, has raised an additional $185 million in a round led by Tiger Global Management, TechCrunch has learned exclusively.

The funding would be an extension of ICONs Series B of $207 million that was announced last August.

While the Austin-based company confirmed the latest increase, it declined to comment on the valuation or provide further details. However, sources familiar with the deal and wishing to remain anonymous told TechCrunch that ICON’s valuation is “now approaching $2 billion” and that some existing investors are putting more money into the company.

A spokesperson wrote via email: “We are delighted to have the opportunity to partner with world-class investors, board members and organizations at every level.”

Past donors include: These include Norwest Venture Partners, 8VC, Bjarke Ingels Group (BIG), BOND, Citi Crosstimbers, Ensemble, Fifth Wall, LENx, Moderne Ventures and Oakhouse Partners. It is not clear which of those investors also participated in this extension. With the latest financing, ICON has now raised a total of $451 million in equity.

ICON was founded in late 2017 and launched at SXSW in March 2018 with the first authorized 3D printed home in the US. Printing that 350-square-foot house took about 48 hours (at a 25% rate). ICON deliberately chose concrete as its material because, as co-founder and CEO Jason Ballard put it, “It’s one of the most resilient materials on Earth.”

At the time of the latest raise, the startup said it had shipped more than two dozen 3D-printed homes and structures in the US and Mexico. More than half of those houses were for the homeless or people in chronic poverty. For example, in 2020 ICON delivered 3D-printed homes in Mexico with non-profit partner New Story. It also completed a series of homes for the chronically homeless in Austin, Texas, with the nonprofit Mobile Loaves & Fishes.

The startup broke through on the regular housing market in early 2021 with what, in its own words, the… first 3D-printed homes for sale in the US for developer 3Strands in Austin, Texas.

And in October last year, ICON announced a collaboration with Lennar, one of the nation’s largest homebuilders and an investor in the startup through its venture arm, LENx. With plans to break ground this year, the couple plans to build 100 homes in what they describe as “the largest community of 3D-printed homes to date” using ICON’s robotics, software and advanced materials.

ICON praises it as 3 . isD-print technology produces “resilient, energy-efficient homes” faster than conventional building methods with less waste and more design freedom. With so many cities in the US facing severe housing shortages, the need for more affordable housing — especially in markets like Austin, where the median house price has risen 46% in the past year — is more pronounced than ever.

Earlier this week, Homebound announced that the Raised $75 Million in a Series C round of funding led by Khosla Ventures toward its own efforts to address housing stock shortages with its technology.

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