Veev, a tech-driven real estate development company focused on modular prefabrication, announced $100 million in funding through a listing on TASE UP, a platform launched by the Tel-Aviv Stock Exchange that allows startups to raise capital without going public.
Veev aims to “[reinvent] the way homes are built” by making the construction process faster, greener and more affordable, reportedly at “half the cost and four times faster than the industry standard. Their goal is to provide an end-to-end solution to the housing shortage by designing, manufacturing and assembling modular multi-family communities and accessory dwelling units (ADUs).
This injection of new capital brings the company’s total to nearly $200 million and will be used to accelerate growth. Founded in 2008, Veev (formerly Dragonfly Group) is headquartered in San Mateo, California and operates a satellite office in Tel Aviv, Israel. The company shifted its attention to modular construction in 2017, developing prefab panelized wall systems that are manufactured offsite in its 50,000-square-foot Union City facility.
Veev recently launched an ADU product offering that manages every step of the process from permitting to assembly and utility connections and completed a 78-unit housing project in partnership with the City of San Jose that was delivered in under 90 days.
For now, the company is focusing on California, specifically the Silicon Valley region, which is plagued by housing shortages and affordability issues. To date, Veev has constructed more than 130 homes in the region.
US homebuilders are taking note. Zeev Ventures and LenX — the technology, innovation and strategic investments arm of Lennar — led a $97 million Series B round of funding for Veev in February 2020. Other participants included Eclipse Ventures, Green Spring Associates and Khosla Ventures, and Western Technology Investment contributed $12 million in debt financing.
“The housing and construction industries have been slow to adopt new technologies,” said Veev CEO and Co-Founder Amit Haller in a press release. “Veev optimizes every step of the homebuilding process with an integrated approach and scalable manufacturing to build better homes to meet surging demand, while improving quality.”
