Veev

Company Overview

Snapshot

Founded in January 2008 by Dafna Ben Porat Akiva, Amit Heller, and Ami Avrahami, Veev operates with 51–200 employees. The company raised a total of $585 million across 4 funding rounds from 13 investors. In December 2023, Veev was acquired by Lennar.

Business overview

Veev is a tech-enabled homebuilder focused on addressing the housing crisis through proprietary panelized building systems and digital fabrication processes. The company designs and produces new homes using a 50,000-square-foot "Digital Fab" facility, where homes are manufactured as near-final products with integrated mechanical, electrical, and plumbing systems. Veev's approach aims for faster construction times, lower costs, and a reduced carbon footprint, utilizing 70% recycled steel instead of wood frames and helical piles for foundations to minimize waste and CO2 emissions. The company operates within the industrial technologies sector, specifically in green construction, smart home, and IoT platform categories, serving the residential real estate market in the United States.

Strategic signal

In December 2023, Veev was acquired by construction giant Lennar, marking a significant strategic shift for the company. This acquisition indicates a consolidation within the proptech and construction technology sectors, with larger players integrating innovative building methods. For investors, this signals the potential for Veev's panelized building system and digital fabrication processes to scale within a major homebuilder's operations, validating the long-term viability of tech-enabled construction solutions.

Company Intelligence Q&A

What was a significant recent development for Veev?

In December 2023, Veev was acquired by construction giant Lennar, marking a major exit for the company.

When did Veev last raise a funding round?

In March 2022, Veev raised a Series D round with participation from investors including Bond and Fifth Wall.

What was Veev's funding activity in March 2021?

In March 2021, Veev secured a Series C funding round with investments from Migdal Insurance and Financial Holdings and Shavit Capital Fund.

Which investors participated in Veev's February 2020 B Round?

In February 2020, Veev's B Round included investments from lead investors Oren Zeev and LenX.

Did Veev experience any workforce changes prior to its acquisition?

In November 2022, Veev cut 30% of its jobs, eight months after raising a $400 million Series D round, indicating operational adjustments before its acquisition.