The cash injection from Conservative Party donor and former treasurer Lord Fink — currently chairman of investment manager ISAM Europe — is intended to help the company scale up its operations over the next two years.
Project Etopia’s modular houses are manufactured in Tiverton, Devon and incorporate Daikin mechanical ventilation, heat recovery, air purification and solar power as standard.
The company uses a panel building system to construct a new home within four weeks. It also makes school buildings and recently completed a school building with Mitie at Brightlingsea in Essex.
Lord Stanley Fink said: “My affection for UK property investments is no secret and, given the current state of the housing crisis, I see a brighter future for first-time buyers if they are able to buy high-quality turnkey houses that offer technology that is relatively rare even in modern new-build developments.
“Project Etopia is a novel, credible, affordable and environmentally friendly way to provide starter homes for young people. Short build times, truly desirable houses and a broken housing market are three good reasons why Project Etopia has a colossal opportunity to deliver a lasting social impact.”
Project Etopia founder and chief executive Joseph Daniels said: “Traditionally, affordable housing has gone hand-in-hand with low quality housing. We are going to be burying that preconception with homes that are truly ‘des res’ for aspiring professionals and families.”