Today, Veev, the Israeli technology-enabled homebuilding company, announced a $400 million Series D funding round led by BOND, with participation from LenX, Zeev Ventures, Fifth Wall Climate Tech, and JLL Spark Global Ventures.
Amongst millennials, there is a long-standing joke that their parents’ generation had it lucky because they were able to afford to buy a home even if they worked average-paying jobs. In the same token, the older generations jokingly call youngins lazy, because in today’s day and age are they are unable to afford buying a house, so they must not be working hard enough. But in actuality, there has been an imbalance between the number of homes available and the number of people wanting to buy, which led to a sharp rise in prices at astonishing rates. According to the U.S. Census Bureau, the U.S. has a housing supply deficit of 7 million units – with a 3-million-unit deficit in California alone.
As traditional methods of homebuilding have yet to solve America’s housing crisis, in both rural and urban communities, something needs to change. That is where Veer comes in– they understand that the whole building process needs to be reimagined; that there needs to be radical innovation across the entire housing value chain, from materials, to methods, to partnerships.
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Veev, founded by Avi Avrahami (CPO), Amit Haller (CEO) and Dafna Akiva (CRO) in 2008, is a vertically integrated building technology company that is harnessing technology to build turnkey, high-quality homes. They believe that homes need to be built better and faster; their system leverages a panelized approach to produce fully cladded walls, complete with mechanical, electrical, and plumbing. These walls are then delivered to any building site and are ready to be installed. Not only does Veev’s integrated approach allow for homes to be built faster– up to 4x faster than the construction industry standard–it also allows for a more sustainable process as well. The materials Veev uses results in 47% less CO2 emission occurring than when compared to traditional construction materials. So, in short, a Veev home’s carbon footprint is nearly half that of a traditionally constructed home. The advantages of the faster and more sustainable buildings that Veev offers bring the cost of construction down significantly, but without compromising on the end quality of the product. Veev home materials are lighter and stronger than wood and drywall, yet have almost zero waste, making them more sustainable too! From Light Gauge Steel (LGS) framing to High-Performance Surface (HPS), Veev makes sure to work across design, development, engineering, manufacturing, and construction to develop a stronger, cheaper, and more environmentally friendly home. As Amit Haller, Veev’s CEO and co-founder stated, “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.”
Having raised a total of $600 million to date, Veev has seen some impressive growth in just this past year. They recently completed a 78-unit emergency housing development in San Jose, California, that took them just 90 days to do. By the same token, in November, Veev announced a partnership with Lennar to build 102 attached homes in Northern California. The new capital from the Series D round will allow Veev to continue to grow moving forward. With the money they will scale their operations, expand construction and distribution to new markets, build additional Digital Fab production facilities across the United States and accelerate R&D initiatives that will make the production of high-quality Veev homes even more sustainable and cost-efficient. So much so that in 2022, Veev plans to reduce the carbon footprint of a Veev home by an additional 25%. Veev is looking forward to continuing to focus on building multi-family homes and single-family homes at scale, to help develop and support communities, and improve their quality of living.
Noah Knauf, General Partner at BOND is excited about the new investment round: “From software-defined manufacturing to in-house supply chains, Veev is leading the industry with new technological construction practices of unprecedented quality and sustainability.” Here’s hoping that Veev is helping to solve the infamous housing crisis.
