FullStack Modular Company Profile

Background

FullStack Modular is a pioneering company specializing in the design, manufacture, and construction of mid- to high-rise modular buildings in urban environments. Founded in 2016 by Roger Krulak, the company emerged from the acquisition of a 100,000-square-foot factory and 85,000 square feet of storage at the Brooklyn Navy Yard. FullStack Modular's mission is to revolutionize urban development by delivering faster, safer, and more sustainable building solutions. The company has been instrumental in constructing the world's largest modular building, demonstrating its capability to execute large-scale projects efficiently.

Key Strategic Focus

FullStack Modular's strategic focus centers on leveraging modular construction techniques to address the growing demand for multifamily housing, hotels, student accommodations, and affordable housing. By integrating technology-driven processes and proprietary intellectual property, the company aims to build high-rise structures more rapidly and cost-effectively than traditional construction methods. Its primary markets include urban areas with significant housing shortages, such as California, where the company has expanded its operations to meet regional needs.

Financials and Funding

In April 2023, FullStack Modular announced an investment of $8 to $12 million into its Connecticut operations, which included relocating its U.S. headquarters to Hamden, Connecticut. This investment was directed towards creating safe and reliable jobs, implementing cutting-edge technology, and manufacturing housing for various demographics, including the local workforce, students, seniors, and travelers.

Pipeline Development

FullStack Modular has several significant projects in its pipeline:

• Cal Poly Student Housing: In partnership with California Polytechnic State University, the company is constructing nine new buildings to provide 4,200 beds for second-year students. This project represents the largest modular student housing construction in the U.S. and is set to commence manufacturing in late winter 2025, with the first phase expected to be completed by Fall 2026.

• Treehouse Hotel Sunnyvale: FullStack Modular is collaborating with Synergy Modular to build the first U.S. Treehouse Hotel in Sunnyvale, California. The six-story, 143-room hotel spans over 86,000 square feet and is being manufactured using offsite methods to reduce environmental impact and waste. Production began in February 2023, with completion anticipated later that year.

Technological Platform and Innovation

FullStack Modular distinguishes itself through its fully integrated, technology-driven modular construction system. This approach includes:

• Proprietary Technologies: The company's volumetric modular system delivers modules with electrical, plumbing, and mechanical components pre-installed. Facades, fixtures, and finishes are also completed in the factory, eliminating the need for concrete cores and reducing on-site construction time.

• Sustainable Practices: By manufacturing modules in a controlled environment, FullStack Modular minimizes waste and environmental impact. The company reports up to 20% cost savings, 50% faster construction times, and 67% less waste compared to traditional building methods.

Leadership Team

FullStack Modular's leadership comprises experienced professionals with diverse backgrounds:

• Roger Krulak, President: Founder of FullStack Modular and a 25-year veteran in NYC development, previously with Forest City Ratner Companies. He holds a B.S. in Management from Babson College.

• Matthew Flocks, Chief Operations Officer: With 28 years in NYC development, including 17 years at Forest City Ratner Companies and MHO Holdings, LLC, he specializes in large-scale, multi-disciplined development and construction. He earned a B.A. in Business Communications from the University of Arkansas.

• Robert Friedman, Chief Business Development Officer: Managing Principal at Tiberias Capital and co-founder & CEO of TechPrefab, he brings 25 years of experience in real estate and finance. He holds an MBA/MPPM from Yale University and a B.A. in History & Economics from Yeshiva University.

• James Lester, Board Member: President of Pioneering Group Development, LLC, and former EVP of Development at Forest City Ratner Companies, he has extensive experience in office, residential, and entertainment development. He holds a B.A. from Duke University.

• Boris Fridkin, Controller: Former Senior Accounting Manager at First New York Partners, a subsidiary of Forest City Ratner Companies, he played a key role in 404 compliance and implementing SAP systems.

• Joshua Radoff, Director of Sustainability: Founding Principal at YR&G and SVP at WSP, he specializes in decarbonization and corporate sustainability. He holds an M.Sc. in Mechanical and Electrical Engineering from the Royal Institute of Technology in Stockholm and Columbia University, and a B.A. in Physics from Colby College.

Leadership Changes

In July 2019, FullStack Modular appointed architect Jeremy Linzee as Chief Design Officer, enhancing the company's design capabilities.

Competitor Profile

Market Insights and Dynamics

The modular construction industry is experiencing significant growth, driven by the need for efficient, cost-effective, and sustainable building solutions. The Modular Building Institute reported that modular construction accounted for 5.52% of all new construction in North America in 2021, with expectations to reach higher figures.