Veev US modular housing raised the new funding through a listing on TASE UP, a first-of-its-kind digital platform built for innovative companies to seek capital from accredited and qualified institutional investors while remaining private. Veev is the first company to raise money on the platform.
Investors including More Investment House, Migdal, Psagot Investment House and Shavit Capital participated in the round, which brings US modular housing startup Veev’s total funding to US$200 million.
Veev, originally called Dragonfly Group, launched in 2008 as a real estate developer. Frustrated by the lack of innovation in the industry, co-founders Amit Haller, Ami Avrahami and Dafna Ben-Porat Akiva realigned the business in 2018 to focus on modular housing.
They manufacture steel-wall frames, which are then assembled on-site; each wall includes all mechanical, electrical and plumbing hookups.
Veev is positioning itslef as a solution to the U.S. housing shortage. It says with streamlined design and modular prefabrication, it can build homes four times faster than the industry standard.
“The housing and construction industries have been slow to adopt new technologies. Veev optimizes every step of the homebuilding process with an integrated approach and scalable manufacturing to build better homes to meet surging demand, while improving quality,” said Veev CEO and Co-Founder, Amit Haller.
“With additional capital to fuel our growth, we can remain laser-focused on bringing exceptional living to all with our innovative building technology”
The company built 150 modular homes in 2020, including a 78-unit emergency housing project in San Jose that was completed in just 90 days. Veev expects to build 800 modular homes in 2021.
Veev has 300 employees in San Mateo, California, and Tel Aviv.
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