Tiny homes maker Samara raises $34 million
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Samara, a maker of prefabricated tiny homes that spun out of Airbnb, tells Axios that it raised $34 million in Series B funding led by Thrive Capital.
Why it matters: America has an affordable housing crisis.
Catch up quick: Samara was the brainchild of Airbnb co-founder Joe Gebbia and former Flex CEO Mike McNamara — a marriage of design and manufacturing chops.
- Despite the lineage, only a minority of its configurable homes are used as rentals. Many are used for multigenerational living, often situated in the backyards of larger homes.
- All of its sales so far are in California, which McNamara says is leading the nation on zoning reforms.
- Gebbia, who now works in the White House, "continues to check in on a constant basis."
By the numbers: Samara has booked $100 million in revenue over the past 12 months, and currently is delivering around 10 homes per month. Time from order to delivery can range from seven months for simple builds to 18 months for complex multi units.
- The company also agreed to donate $5 million worth of homes to victims of the Los Angeles fires, via Steadfast LA, while Gebbia made a $10 million match.
What they're saying: "Building homes is very different than what we built at Flex, but it's still manufacturing," McNamara explains. "That means repetition in a controlled environment that leads to lower costs and better quality every single year."
