Following a £6.3m equity investment in 2018, pioneering airspace developer Apex Airspace (Apex) has secured a further £3m equity investment from BGF to help roll out airspace developments across the UK and support business growth.
The latest wave of funding, which brings Apex’s tally to £22m in 2019, will help fund the delivery of its growing pipeline of opportunities in London, Bristol and Birmingham as well as positioning the company for continued growth. This will include investment in new technology, market research to identify further airspace development potential across the UK and attracting best-in-class talent. Apex has already made several key appointments this month, including the hire of Andrew Powell as its Finance Director, and opened its new central London office for the expanding workforce.
Apex also remains committed to addressing the UK’s housing crisis using its highly scalable model. With government ministers targeting 300,000 new homes a year by the middle of the next decade – a 38% increase on current levels – but forecasts predicting a plateau of 240,000 additional dwellings by 2023, a more innovative approach is needed to reach the levels of house building currently sought.
Apex is therefore developing a range of new partnerships with housing associations and councils, which could result in new schemes delivering up to 100% affordable homes across the country.
The Apex model, which has delivered two pilot schemes in London, uses the latest in homes construction technologies, with new homes constructed in factories, arriving to site 95% complete before being craned on to roofs for installation.
Arshad Bhatti, Founder and Chief Executive Officer of Apex Airspace, added: “Our pioneering model could deliver thousands of homes, and we’re pleased to be a pivotal part of the government’s new homes target. With a healthy pipeline of 2,400 homes currently in discussion, as well as fast-growing workforce and a brand-new office in the capital, this £3m equity investment will help us deliver much-needed new homes to people across the UK.”
Stephen Welton, CEO of BGF, said: “Apex is moving forward at pace in a previously untapped market, working with government and local authorities to deliver solutions to some of London’s biggest housing challenges. Arshad and the team have a clear vision and we’re excited to continue backing them on this next step of their exciting journey.”