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Exclusive: Agorus raising $20M to speed up sustainable homebuilding

Illustration of quarters transformed into nails.

Illustration: Shoshana Gordon/Axios

Construction startup Agorus is raising a $20 million Series A to expand production volume, a person familiar with the raise tells Axios.

Details: Toyota Ventures is leading Agorus' Series A. The startup, founded by two former Navy SEALs, began raising the round in the fall and aims to close in Q1.

  • It previously raised a $6.5 million seed round in March 2021 led by Blackhorn Ventures.

How it works: Agorus manufactures walls, floors, roofs and other surfaces with the insulation, electrical, and plumbing contained inside.

  • This "panelized" approach is meant to speed construction and reduce on-site waste.

Reality check: Homebuilding has proved a tough sector to revolutionize.

What they're saying: "The big picture thing we are trying to do here is increase the speed and ease in which houses can get into the American supply," CEO Garrett Moore told the San Diego Union-Tribune last year.

  • Agorus' goal is "homes in 30 days — permits to keys," he said in the interview.

The latest: Agorus, based in San Diego, has built about 230 residential units in Southern California and Arizona.

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