Image source: ModnPodsUp to 200 modular pod homes will roll off the production line every year at Gold Coast’s ModnPods with the QIC portfolio company officially opening its new 6,200 square metre factory in Arundel.
The modular pod manufacturer has tripled its workforce in the last 12 months, reducing build times by 70 per cent and increasing production capacity tenfold.
QIC CEO Kylie Rampa said the accelerated growth follows an investment from the $100 million QIC-managed Business Investment Fund.
“QIC’s mandate in the management of programs like the Business Investment Fund is very clear. We invest for growth. We invest for Queensland jobs,” Ms Rampa said.
“ModnPods has set a very high bar for what we can achieve together.
“In just one year, Stuart and John have grown their team from 14 to 50 with another 50 jobs to be created to meet the incredible demand for ModnPods’ affordable housing solutions.
“Lean manufacturing methods in this new purpose-built facility four times larger than their previous space has reduced build times to the point where a new pod will leave the factory every three days.
“Theirs is a remarkable growth story, fuelled by the growth capital made available through the Business Investment Fund.
“We are committed to working with our portfolio companies and the Queensland Government to deliver genuine solutions for Queenslanders.”
Business investment funds managed by QIC have deployed $140 million in capital to 74 businesses, creating more than 1,100 jobs.
QIC Private Equity Partner Crystal Russell said global disruption and automation trends presented a significant value proposition.
“In the case of ModnPods, we had identified that innovative modern manufacturing could address a number of challenges facing the traditional construction industry,” Ms Russell said.
“These tailwinds, coupled with the demand for housing and accommodation, attracted the QIC Ventures team to pursue an investment in this space.
“One year on, ModnPods has now refocused its customer orientation to enterprise and is looking to adopt a customer-led approach to delivering on what matters to them most; reliability, quality, sustainability.”
Managing Director Stuart Giles said ModnPods was delighted to be contributing to the provision of solutions in the housing affordability space whilst supporting growth in local employment opportunities.
“The opportunity to showcase the talents and skills of our Queensland workforce to deliver innovations that are driving this spectacular growth story, is something we feel privileged to have and we’re proud of our achievements to date,” he said.
“We are excited to see what the future will bring as further innovations and initiatives see us move to full capacity in this new factory and begin exploring where our next great Queensland production facility might be located as part of our ongoing commitment to be part of the provision of housing affordability solutions.”
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QIC is a trusted investment manager and adviser providing risk adjusted returns for the clients we serve. As one of the nation’s leading institutional investment managers, we deliver alternative real asset solutions across infrastructure, real estate, private debt, private capital, natural capital in addition to a liquid market offering for our 125 Australian and global clients. We also act as the Queensland Government’s independent investment advisor, managing a fully-funded Defined Benefit scheme and the Queensland Future Fund both of which delivers on the State’s long-term investment objectives. We have A$102.2bn in assets under management (as at 30 June 2023) and are headquartered in Brisbane, Australia, with offices in Sydney, Melbourne, New York, San Francisco and London.
Managing more than A$8.9 billion in AUM (as at 30 June 2023), we have sufficient scale to be meaningful to our partners but are not large enough to dilute our clients' investment opportunities. We invest from seed to growth stage, contributing up to A$10 million to support product development, team expansion and strategy execution with a focus on supporting local businesses developing innovative products and services.