Veev Raises $97 Million Funding to Scale Its Business

Veev Raises $97 Million Funding to Scale Its Business

Veev is currently focused on high-performance multifamily and accessory dwelling unit (ADU) products for the San Francisco Bay Area. The current development pipeline totals more than 230 units and 620,000 gross building square feet

FREMONT, CA: Veev Group, an integrated real estate developer, raised $97 million to date and closed its Series B funding round. The round was co-led by Zeev Ventures and Lennar Ventures, which drives Lennar Corporation's technology and innovation strategies.

The funding includes $85M in equity and $12M in debt and will be used to accelerate the development of the Veev panelized building system, as well as to scale the business. Additional participants in the funding to date include Eclipse Ventures, Green Spring Associates, and Khosla Ventures with Western Technology Investment as the debt provider.

"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 of 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 Veev panelized building system is manufactured off-site in a quality-controlled digital fabrication facility. It is then shipped to the real estate project location and assembled onsite in a fraction of the time of traditional construction. Factory-built housing (FBH) promises to reduce time, waste, and cost significantly and to improve the quality and economics of residential buildings. As a result, more housing supply may be financed and delivered faster than traditional construction techniques. Key components of the panelized building system include the use of light gauge steel (LGS) for framing; high-performance acrylic (HPA) for surfaces and millwork, radiant climate control systems; and a digital home ecosystem.

"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."

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