SAN MATEO, Calif., Feb. 27, 2020 /PRNewswire/ -- Veev Group Inc., an integrated real estate developer, today announced that it has raised $97 million to date and closed its Series B funding round 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 Veev 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, Veev. "We continue to mature the Veev panelized building system and global operational capacity to deliver on our vision of exceptional living for all."
Offsite Construction Reduces Building Costs, Increases Quality and Supply
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 significantly reduce time, waste and cost 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.
"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."
"The housing sector is in critical need of innovation across-the-board if we are to scale production," said Eric Feder, Managing General Partner, Lennar Ventures. "Veev's digital disruption of the design and fabrication process and acceleration of construction timelines will help us to meet market needs."
Key components of the Veev 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 company is focused currently 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.
Veev Growth Trajectory
Veev has doubled its team in the past year with key leadership hires and significant expansion of its Global Design & Production Studio, Digital Fabrication and Building & Integration teams. The company continues to grow with current career opportunities available at https://veev.bamboohr.com/jobs/ and additional team information available at https://www.linkedin.com/company/veevgroup/.
The company also announced its Employee Stock Ownership Plan (ESOP), with all employees eligible to participate.
About Veev Group Inc.
Veev provides integrated real estate solutions that create exceptional living experiences for all. Originally established in 2008, the company consolidated its group of subsidiaries in 2019 to accelerate the pace of innovation in the residential housing market. Veev has more than 260 team members with its headquarters and fabrication facility located in the San Francisco Bay Area and an office in Tel Aviv. More information on the company is available at www.veev.com.
SOURCE Veev Group Inc.