Israeli technology-enabled homebuilding company Veev today announced the completion of a $400 million Series D financing round led by BOND, with participation from LenX, Zeev Ventures, Fifth Wall Climate Tech, and JLL Spark Global Ventures.
The new investment will enable Veev to scale up operations, expand construction and distribution to new markets, and accelerate R&D initiatives that will make the production of Veev homes even more sustainable and cost-efficient.
With offices in Tel Aviv and San Mateo, California, Veev was founded by CEO Amit Haller, CPO Ami Avrahami, and CRO Dafna Akiva. The company has 350 employees including 100 in its Israel development center. Veev is a vertically integrated building technology company that has developed technology to build turnkey, high-quality homes. The Veev system leverages a proprietary panelized approach to produce fully cladded walls, complete with mechanical, electrical, and plumbing (MEP). The pre-inspected walls are delivered to the site ready for installation using their cutting-edge plug & play system.
Veev homes are built up to four times faster than the construction industry standard, which brings down costs significantly. Material selection has resulted in 47% less CO2e than traditional construction materials, meaning a Veev home’s carbon footprint is nearly half that of a traditionally constructed home. The company’s 2022 goal is to reduce a Veev home’s carbon footprint by an additional 25%. From Light Gauge Steel (LGS) framing to High Performance Surface (HPS), Veev says it home materials are lighter, stronger, and more sustainable than wood and drywall, with near zero waste.
Haller said, "Veev reimagined the entire homebuilding process by thinking about the home-as-a-product - the ultimate consumer product. By rethinking every element of the home, including design, materials, and the built environment, and fully integrating the homebuilding process from start to finish, we have managed to produce homes at a quality, speed, value, and sustainability that is unseen in the industry - until now."
Veev recently completed a 78-unit emergency housing development in San Jose, California, that took just 90 days to complete. In November, Veev announced a partnership with Lennar to build 102 attached homes in Northern California.
Published by Globes, Israel business news - en.globes.co.il - on March 1, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.