- Azure Printed Homes has opened a new round on Wefunder at a valuation of $40M, up 25% from its previous crowdfunding round of $32M.
- Since this is not a priced round, no previous SAFEs are converting
- Since the last crowdfunding raise, the company has increased revenue by just 7.5%, to $4.3M in 2023 from $4M in 2022. For an early stage startup, this is far less than the 50% minimum growth we’d expect to see from a growth stage startup.
- During this same time period, the company increased its net loss by 47% to -$1.2M in 2023 from -$818,193 in 2022.
- However, the company has seen a remarkable increase in its gross margins, up to 61.5% margins in 2023 from 19% in 2022. Given the high capital/material intensity required for 3D-homes, this kind of margin growth is amazing to see and bodes very well for the company moving forward.
- In terms of run rate, the company is currently averaging $350,000 in revenue per month. This implies a 12-month run rate of $4.2M in revenue, which would be essentially the same amount of revenue as 2023.
- Of course, the company could expand and grow quicker in the coming months, so this run rate calculation is just a rough guidance.
- Azure’s previous crowdfunding round ended January 2023. Since then, the company has achieved the following milestones:
- Achieved ANSI Certification
- Filed International patent
- Completed & commissioned first Azure printer in LA
- Raised $4M+ in Seed funding
- Printed & delivered first units in California
- Opened Azure HQ with 3 printers
