Property technology company Veev raises $400 million, reaches unicorn status
Property technology company Veev raises $400 million, reaches unicorn status
The Israeli startup's system leverages a proprietary panelized approach to produce fully cladded walls, complete with mechanical, electrical, and plumbing (MEP)
Israeli technology-enabled homebuilding company Veev announced a $400 million Series D funding round on Tuesday led by BOND with participation from LenX, Zeev Ventures, Fifth Wall Climate Tech, and JLL Spark Global Ventures. The company didn’t reveal its valuation in the round, but said it was over $1 billion and considering the size of the funding round, it is estimated that Veev’s valuation is significantly higher than that. All of the new capital will enter the company’s account and will be used mainly to expand Veev’s operations in the U.S. The company is currently mainly active in California, but it plans to enter additional states.
Veev raised $100 million through the Tel Aviv Stock Exchange’s TASE UP platform last March. Investors included leading Israeli institutional investors, including Migdal Insurance, Psagot Investment House, More Investment House and Shavit Capital, all of which didn’t participate in the new round.
“We would really like to also be active in Israel and change the way construction is done here, but I fear that is almost impossible with all the bureaucracy here. In the U.S. I can build 10,000 apartments in the time it takes me to build two buildings in Israel,” Veev co-founder and CPO Ami Avrahami told Calcalist. “We provide an end-to-end solution. We include sensors and security systems in our buildings which allow us to offer tenants security and management services after the building is complete.”
Veev plans to add 100 employees to its Israeli R&D center and accelerate research and development initiatives. 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.
Veev was founded in 2008 by Amit Heller, Ami Avrahami and Dafna Akiva. The company employs 350 people, 100 of which in Israel.
