Modal Living1

Modal Living1

Modern, modular backyard homes and offices

Security Type
Crowd Note
Min Investment
Salt Lake City, UT
Offering Date
June 09, 2021
Expected Close Date
September 09, 2021
Target Raise

Company Description

Cofounders Colin Jube and Dallin Jolley recognized that despite new zoning changes which allow accessory dwelling units (ADUs), ADUs were inaccessible to homeowners due to difficulties navigating permitting and managing construction. Modal provides a turn-key service to take the complexity out of construction to make ADUs accessible to everyday homeowners. Modal is helping to address the housing crisis by adding sustainable and affordable housing units to existing neighborhoods. Modal enables individual homeowners to increase their wealth by generating passive income and maximizing the value of their property. 

Key Deal Facts

Sold 50+ units to customers in California, Utah and New Mexico (from Q2 2019 - May 2021) equating to over $5 million in sales (unaudited)
Potential $250+ Billion market with positive regulatory tailwinds, in California alone (Based on UC Berkeley Center for Community Innovation's ADUs in CA 2020 report)
Chairman & CEO was the former CEO of Standard Pacific Homes and Executive Chairman of CalAtlantic Homes, the fourth largest U.S. homebuilders
1,325% YoY Revenue Growth from FY 2019 to FY 2020 (unaudited)

Management Team / Advisory Board Bios

Scott Stowell, Chairman of the Board / CEO
Scott Stowell spent 30+ years in the homebuilding industry. He served as COO, CEO, and Executive Chairman of the 8th and 4th largest public homebuilders in America. He also served as a board member of Lennar, the largest homebuilder in the nation.Scott is passionate about housing, community development, and providing sustainable and affordable homes for the underserved.Scott invested in and joined Modal because he was moved by its mission and team.

Colin Jube, Founder / COO
Colin is an experienced real-estate developer with a background in tech and finance. Prior to co-founding Base Development and Modal, Colin worked in sales at Qualtrics and at Fidelity Investments. He has developed several commercial / multi-unit residential projects.  

Dallin Jolley, Founder
Dallin founded two early-stage real estate companies and has experience in design and construction methodology. Dallin was awarded the Forbes 30 under 30 award for Manufacturing and Industry.
Amount Raised : $1,084,112
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Security Description

A Crowd Note modifies the typical convertible note so that the crowd does not automatically convert to equity shareholders on the next financing and remain off the issuer’s capitalization table, but the crowd will still participate in any exit as if they had converted to equity. If there is no future financing, the holders of the Crowd Note still have upside, but could miss out significantly.

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