Philippines proptech unicorn to raise US$100 million Series C in 2019

Fri Sep 14, 2018 - 11:10am UTC

14/9/2018 – Philippines proptech unicorn Revolution Precrafted is looking to raise a potential US$100 million in its Series C funding round possibly next year, to further expand its logistical capabilities in existing markets.

Revolution Precrafted’s founder Robbie Antonio spoke at the third edition of DealStreetAsia’s Asia PE-VC Summit 2018 in Singapore on Wednesday, hinting at the startup’s potential to reach US$10 billion valuation in the next three to four years.

“We will probably do a Series C next year when we have thousands of home installed and reach more market than where we are right now. That’s obviously part of the game plan,” Antonio said.

So far, Revolution Precrafted had only done two funding rounds, both in 2017. Its first Series A in March secured US$15.4 million on a US$250 million valuation, being led by 500 Startups.

It again raised an undisclosed amount in October for its a Series B funding from K2 Global that allow the startup to reach its unicorn status.

“We’ve only done Series B, so pressure is more intense for us to go higher from here,” Antonio said, adding that the startup aims to be present in 55 counties next year and further raise that number to 85-100 by 2020.

To achieve the goal, Antonio explained that he will utilize the proceeds of the planned Series C funding round to set up more shops in major markets, including one in Dubai to serve the Middle East market, and another in Malaysia to cover Southeast Asia.

Revolution Precrafted will also seek out joint venture opportunities and invest in existing plants or factories.

So far this year, Revolution Precrafted has bagged over US$7.6 billion worth of big tickets projects including the US$3.2 billion partnership with Seven Tide, for “The World Islands” in Dubai, and the US$1.2 billion Okkyin project in Myanmar with KT Group.

Meanwhile, in terms of exit plans, Antonio said he considers an Initial Public Offering (IPO) in a market like New York or London.

“That’s an option for us. It would be very hard for an acquirer to make us a target so the only fundamental way to exit is going public,” he explained.

Founded in December 2015, Revolution Precrafted sells highly customizable prefabricated homes and properties in 25 countries spread across six continents. The startup is known for selling designer pieces, from Jean Nouvel to Zaha Hadid.

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