Modular Construction Startup Veev Raises $100M

Veev CEO Amit Hallar (Veet, iStock) Modular house builder Veev has raised $100 million to

Veev CEO Amit Hallar (Veet, iStock)

Modular house builder Veev has raised $100 million to further its target of speeding up household development.

The startup, which employs prefabrication and 3D printing, raised the new income on TASE UP, a system launched by the Tel Aviv Inventory Trade that lets tech firms acquire cash from institutional buyers although remaining privately held. Veev is the first corporation to increase dollars on the platform.

Investors which include Additional Expenditure Household, Migdal, Psagot Expense House and Shavit Cash participated in the spherical, which provides Veev’s overall funding to $200 million.

Veev, at first referred to as Dragonfly Team, introduced in 2008 as a genuine estate developer. Annoyed 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.

Nowadays, Veev has 300 staff in San Mateo, California, and Tel Aviv.

Veev manufactures steel-wall frames in a manufacturing unit, which are then assembled on-website. Each individual wall contains the suitable mechanical, electrical and plumbing hookups.

Veev costs itself as a resolution to the U.S. housing scarcity. It says with streamlined layout and modular prefabrications, it can build properties four times speedier than the marketplace typical.

“Veev optimizes each and every step of the homebuilding system with an built-in method and scalable manufacturing,” Haller explained in a assertion.

The company designed 150 households in 2020, which includes a 78-unit emergency housing challenge in San Jose that was completed in just 90 times. Veev expects to make 800 in 2021, documented Israeli newspaper Ha’aretz.

Very last yr, the building tech enterprise shut a $97 million Collection B led by Zeev Ventures and Lennar Ventures. Other individuals incorporated Eclipse Ventures, Green Spring Associates and Khosla Ventures. The round incorporated $12 million in financial debt.