Icon, an Austin-based construction startup, has raised $185 million to grow its 3D home-printing business.
The funding round, led by Tiger Global Management, is said to be an extension of the company’s $207 million Series B last summer. The additional funds bring Icon’s total equity raised to $451 million.
TechCrunch first reported the fundraise, citing an anonymous source who estimated the company’s valuation is approaching $2 billion.
Icon could not be reached immediately for comment.
Founded in 2017, Icon produced the nation’s first permitted 3D-printed home the following year. The 350-square-foot home was built in just 48 hours.
The company says its proprietary Vulcan technology can help mitigate the housing crisis by producing long-lasting homes faster, more cheaply and with less waste than traditional building methods.
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In October, the company partnered with Lennar, the second-largest homebuilder in the U.S., to construct 100 homes of up to 3,000 square feet — a deal that was seen as a vote of confidence in the fledgling technology. The partnership was expected to break ground on the homes near Austin early this year.
At the time of the August funding round, Icon had delivered more than two dozen 3D-printed homes in the U.S. and Mexico for people experiencing homelessness or chronic poverty. The startup also is involved in space-based projects with NASA.
Other Icon investors include Norwest Venture Partners, 8VC, Fifth Wall, Oakhouse Partners and Moderne Ventures.
Low supply and high demand have juiced the U.S. housing market. The median sale price reached $375,000 last year — a 10 percent annual gain. Compared to pre-pandemic 2019 pricing, the figure represents a 25 percent increase.