US-based investor Fortress led the equity investment fundraise, with existing shareholders TDR Capital and Sun Capital also subscribed.

The new funding will help ilke Homes scale-up its operations and open a new factory that will increase output capacity to 4,000 homes a year, creating over 1,000 new jobs in the UK.

Giles Carter, CEO at ilke Homes, said: “Our latest fundraise demonstrates that the private sector is increasingly recognising the investment case for change.

“With the race to net-zero well and truly underway, the next few years will be a decisive time in the history of housebuilding, so it’s important that true market disruptors are empowered to play a leading role.

“Having pioneered a zero-carbon, zero energy bills solution in partnership with Octopus Energy and Gresham House, the new monies will allow us to roll out our proven concept across the country.”

Ilke will also invest heavily in automating more of its manufacturing processes to further drive productivity.

Carter said that this would in turn enable ilke to secure more sites and expand its ‘package deal’ strategy, which offers full development service of land, infrastructure and homes.

Founded just five years ago, ilke Homes said it is now delivering over 1,000 homes a year and has secured a pipeline of over 4,000 homes, putting it on par with some of the UK’s biggest house builders.

The modular specialist has seen revenue grow by over 150% year-on-year, but has still to report a profit, running up aggregated losses of £107m since being set up in 2017.

In June, ilke Homes launched a partnership with Octopus Energy and Gresham House that is rolling out the UK’s first homes to guarantee residents zero energy bills.

The first homes will be delivered at a site in Stanford-le-Hope, Essex where ilke Homes is delivering a 153-home scheme.

Around 100 of these homes will be zero-carbon in operation – the most delivered on a single site in the UK.