Veev Group will use the newly raised funds to accelerate the development of its panelized building system, and to scale the business
Fremont, CA: Veev Group, the San Mateo, California-based developer of integrated real estate solutions raised $97 million in Series B round of financing. Of the total $97 million, $85 Million was raised as equity capital, and $12 million was raised as debt capital. The funding round was co-led by Zeev Ventures and Lennar Ventures. Other investors in the funding round were Green Spring Associates, Eclipse Ventures, and Khosla Ventures, with Western Technology Investment as the debt provider. Veev Group will use the newly raised funds to accelerate the development of its panelized building system, and to scale the business.
"Our investors add strategic capabilities that help us to accelerate our growth and product performance to deliver residential housing solutions to market quickly," said Amit Haller, CEO, Chairman and Co-founder, Veev. "We continue to mature the Veev panelized building system and global operational capacity to deliver on our vision of exceptional living for all."
The penalized building system of Veev is manufactured off-site, under a quality-controlled digital fabrication system. It is then taken to the real estate project location and assembled on the site, thereby saving a huge amount of time as compared to traditional construction. The factory-built housing (FBH) drastically reduces time, waste, and cost, while improving the quality and economics of residential buildings. This enables doubling the output, i.e., more housing supply can be delivered faster than traditional techniques.
"The Veev approach to buildings as a consumer product promises to improve quality and value for everyone," said Oren Zeev, Founding Partner, Zeev Ventures. "Currently this is critical for California and other high-cost markets but will ultimately benefit all markets."
Key elements of the Veev panelized building system include the use of high-performance acrylic (HPA) for surfaces and millwork; light gauge steel (LGS) for framing; a digital home ecosystem; and radiant climate control systems. The company's current focus is on high-performance multifamily and accessory dwelling unit (ADU) products for the San Francisco Bay Area. It has covered more than 230 units of pipeline and 620,000 gross building square feet.