German real estate company Vonovia is investing in Austria-based sustainable homes developer Gropyus.
Vonovia, whose properties house 1.5 million German residents, will lead Gropyus's €100 million series B round aimed at expanding the latter's prefab manufacturing plant in Richen, Austria. Sweden-based FAM AB, an existing Gropyus shareholder, is reportedly also investing.
Founded in 2019, Gropyus currently employs 300 staff across six branch offices in Austria, Germany and Liechtenstein. It has raised more than €200 million in funds to date.
According to Bloomberg, Gropyus is targeting 250,000 square metres of residential property capacity. Sustainable timber materials are mainly used to build the new homes.
The properties are marketed as trendy, affordable and resource-efficient, thanks in part to connected digital software — known as building operating systems — that help to optimise each living environment. The materials themselves are another factor, by using prefabricated modules Vonovia is able to automated key manufacturing lines, reducing material waste and carbon emissions.
At Lake Constance, which spans the border of Germany, Switzerland and Austria, Gropyus is currently building its second managed residence. The development should deliver 157 residential units, across 10 newly-constructed buildings.
Vonovia views Gropyus as a means to securing a foothold in sustainable, digital living. In conjunction with the series B round, Vonovia's Daniel Riedl will join the Gropyus board. Riedl commented: "The general housing shortage and climate change are two key challenges of our time.
"Our society must push ahead with environmentally friendly and sustainable solutions. At Vonovia SE, we acknowledge our obligation to make a difference. GROPYUS is digitalising and transforming the housing and construction industry. We want to leverage this in our projects going forward and take resource-efficient living to the next level.”
Markus Fuhrmann, Gropyus CEO and co-founder, said: "We have ambitious growth plans for the coming years and are proud to have the continued support of new and existing investors.
”We are delighted that we have been able to impress Europe’s largest residential real estate company, Vonovia, with our products.
"This shows the considerable trust and belief they have in our mission. We will invest the funds from our current Series B financing round in product development and the expansion of our production and manufacturing capacities in Richen.”