Waltham-based green builder Blu Homes Inc. has raised more than $7 million from private investors. The funds will be used primarily to support new product development, R&D and sales and marketing.

"This financing will be used to scale our business," said Bill Haney, co-founder and president of Blu. "The market for beautiful, green, healthy homes is sizeable and we have a unique product at a reasonable price that homeowners, developers and corporations across the country are buying. Our new 80,000-square-foot facility in East Longmeadow will allow us to meet the growing demand."

Blu designs, manufactures and ships green homes and buildings across the U.S. Unlike modular homes, Blu builds spaces up to 34 feet wide with ceiling heights up to 16 feet. Blu’s homes can be finished on site in weeks and are constructed of a steel/wood frame designed for extraordinary durability, according to a statement.