SAN MATEO — Veev Group, an integrated real estate developer, has raised $97 million in a Series B funding round co-led by Zeev Ventures and Lennar Ventures, the investment arm of real estate developer Lennar. The funding includes $85 million in equity and $12 million 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.”
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.