Home is a highly personal space, and it should reflect the lives of the people who live there. But globally, homes have been built in the same way for several years, driven by industry and its own needs instead of customers. And Veev, a California-based hybrid real estate solutions company, is changing that.
Veev aims to reinvent the way homes are built and experienced. The company on Tuesday announced that it has secured a $400M Series D funding round led by BOND, with participation from LenX, Zeev Ventures, Fifth Wall Climate Tech, and JLL Spark Global Ventures.
With this round, the company has reached unicorn status (valuation over $1B), however, the company didn’t reveal its exact valuation figures.
How will the funding be used?
The capital will allow Veev to scale its operations, expand construction and distribution to new markets, and accelerate R&D initiatives.
“Veev reimagined the entire homebuilding process by thinking about the home-as-a-product – the ultimate consumer product,” said Amit Haller, Veev CEO, and co-founder. “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.”
Reinventing home construction
According to the U.S. Census Bureau, the U.S. has a housing supply deficit of 7M units – with a 3M unit deficit in California alone.
Founded by Ami Avrahami, Amit Haller, and Dafna Ben Porat Akiva, Veev is a vertically integrated building technology company.
It leverages a proprietary panelised 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 says it can build high-quality homes faster, more sustainably, and at a lower cost than traditional construction.
Why Veev is unique?
Compared to traditional construction, the company builds 4x faster, material selection has resulted in 47% less CO2e, and uses Light Gauge Steel (LGS) framing to High-Performance Surface (HPS).
Veev home materials are lighter, stronger, and more sustainable than wood and drywall (with near-zero waste), writes the company.
The US company 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.
Veev is focused on building multi-family homes and single-family homes at scale, to help develop and support communities, and improve our quality of living.
“Veev will fundamentally change the way we build and experience homes in this country,” said Noah Knauf, General Partner at BOND. “From software-defined manufacturing to in-house supply chains, Veev is leading the industry with new technological construction practices of unprecedented quality and sustainability.”