This tiny-home startup has built only 3 houses, but one’s for Elon Musk. Now its CEO is trying to crowdfund $50 million from eager Tesla fans.

Boxabl tiny home

Summary List Placement

The company that built the $50,000 375-square-foot prefabricated home that SpaceX CEO Elon Musk is living in at the rocket company’s base in South Texas has enjoyed the perks of being associated with one of the richest and most closely watched men.

The Instagram account of Boxabl, a Las Vegas firm that plans to mass-produce its microhomes on an assembly line in a nearby factory, has surge to 256,000 followers, and the startup has had tens of thousands of customer inquiries in recent months, one of its founders told Insider.

“It’s exciting. Things are accelerating for us quickly,” said Galiano Tiramani, 33, who cofounded the firm with his father, Paolo, in 2017. “It certainly helps us to be in the news, get more eyes on us.”

Next, it plans to raise $50 million from investors in the coming months, according to a July filing with the Securities and Exchange Commission. Rather than seek that money from venture-capital backers or other professional investors, it intends to crowdsource the funds from the public, riding on the wave of publicity it has received.

In a little-watched video posted by Boxabl in November, Tiramani first disclosed that the company was providing one of its homes to a “top secret customer” in Boca Chica, Texas, a tiny town along the Gulf of Mexico that has been virtually taken over by Musk’s rocket firm SpaceX.

Boxabl gained national attention when Musk said last month that he was living in the Boxabl unit after selling lavish multimillion dollar homes he had owned around the country.

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The company hopes it can emerge as a dominant player in a surging market for accessory dwelling units (ADUs) — tiny housing units that states such as California have encouraged in an effort to relieve a shortage of homes and ease the affordability crisis many municipalities are grappling with.

But Boxabl has built only three homes, according to Tiramani. It is also focusing on an area of construction that has bedeviled some of the industry’s most experienced players.

Modular construction has long been viewed by experts as a way to defray the costs of building by using the efficiencies of mass manufacture. But transporting prefabricated homes from the factory to the customer is a logistical challenge that has prevented the methodology from gaining widespread adoption in the homebuilding industry.

A promising startup grows fast

Boxabl recently leased a 170,000-square-foot warehouse, a space larger in size than three football fields, in North Las Vegas. It says it believes there will be a big demand for stand-alone purpose-built microdwellings stamped out on an assembly line. The warehouse is populated by about 20 employees, Tiramani told Insider, most of whom are office workers. He imagines hundreds of factory laborers building thousands of homes there annually in the near future, he said.

The recent SEC filings that said Boxabl was moving forward its $50 million fundraising effort also showed the company lost $1,162,792 in 2020 and …read more

Source:: Businessinsider – Tech


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