FOR IMMEDIATE RELEASE:
Module selected as a winner of Richard King Mellon Foundation Social Impact Competition
Pittsburgh, PA: On January 26th, 2022, the Richard King Mellon Foundation named Module one of the winners of its inaugural Social-Impact Pitch Competition. The competition aims to address the most vexing social problems facing our region and looks to invest in novel products, technologies, or services from social, mission-oriented for-profit companies. Module, along with two other winners, was chosen out of 108 initial submissions. As one of the winners, Module received an investment from the foundation in the form of a Program Related Investment (PRI).
“Module and the other winners of our competition exemplify the publicly-focused creativity and entrepreneurial energy that we seek to identify through our Social-Impact Investment program,” said Reiman. “We want to support this new generation of compassionate entrepreneurs who are using their talents to change the world,” Reiman said. “Too often such entrepreneurs are unable to obtain the financial support they need to make their dreams a reality. Pittsburgh’s entrepreneurial and community spirit makes this an ideal city to launch this innovative philanthropic program.”
Module plans to use the investment to further its social mission by launching a workforce development program that is specific to the modular construction industry. The goal of this training program is to provide opportunities to women and minorities to enter the construction trades.
Module’s ultimate goal is to open its own manufacturing facility in the region to produce sustainable housing, and provide clean, advanced manufacturing jobs. Such a facility would enable housing authorities, governments, and the real estate community to work with Module to alleviate the housing supply shortage. Funds from the investment will be used to support preliminary planning efforts toward this goal.
Finally, Module will continue its ongoing efforts to make a portion of annual homes built available to households that make less than 80% of the annual median income in Pittsburgh.
Module is a homebuilding startup founded to bring attainable, human-centered housing to the world. Its sustainable, better-designed housing product, modular building system, and network of delivery partners help bring high-quality housing to those who need it. Module partners with housing providers (local developers or builders) to deliver new homes that enhance the quality of life for the residents living in them, the workers building them, and for the neighborhoods surrounding them.
About the Richard King Mellon Foundation:
Founded in 1947, the Richard King Mellon Foundation is the largest foundation in Southwestern Pennsylvania, and one of the 50 largest in the world. The Foundation’s 2020 year-end endowment was $3.1 billion, and its Trustees in 2021 disbursed $152 million in grants and Program-Related Investments. The Foundation focuses its funding on six primary program areas, delineated in its 2021-2030 Strategic Plan.