Modular housing startup Veev raises $100M to build homes faster, cheaper
Company raised money on a new Tel Aviv Stock Exchange platform
Modular home builder Veev has raised $100 million to further its goal of speeding up residential construction.
The startup, which prefabricates building parts, raised the new cash on TASE UP, a platform launched by the Tel Aviv Stock Exchange that lets tech companies receive funds from institutional investors while remaining privately held. Veev is the first company to raise money on the platform.
Investors including More Investment House, Migdal, Psagot Investment House and Shavit Capital participated in the round, which brings Veev’s total funding to $200 million.
Veev, originally called Dragonfly Group, launched in 2008 as a real estate developer. Frustrated by the lack of innovation in the industry, co-founders Amit Haller, Ami Avrahami and Dafna Ben-Porat Akiva pivoted to modular housing in 2018.
Today, Veev has 300 employees in San Mateo, California, and Tel Aviv.
Veev manufactures steel-wall frames in a factory, which are then assembled on-site. Each wall includes the proper mechanical, electrical and plumbing hookups.
Veev bills itself as a solution to the U.S. housing shortage. It says with streamlined design and modular prefabrications, it can build homes four times faster than the industry standard.
“Veev optimizes every step of the homebuilding process with an integrated approach and scalable manufacturing,” Haller said in a statement.
The company built 150 homes in 2020, including a 78-unit emergency housing project in San Jose that was completed in just 90 days. Veev expects to build 800 in 2021, reported Israeli newspaper Ha’aretz.
Last year, the construction tech company closed a $97 million Series B led by Zeev Ventures and Lennar Ventures. Other participants included Eclipse Ventures, Green Spring Associates and Khosla Ventures. The round included $12 million in debt.