SAN MATEO, Calif., March 01, 2022 (GLOBE NEWSWIRE) -- Today Veev, the 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. The new capital will allow Veev to scale its operations, expand construction and distribution to new markets, and accelerate R&D initiatives that will make the production of high-quality Veev homes even more sustainable and cost-efficient.
Veev is a vertically integrated building technology company taking a revolutionary technological path to building turnkey, high-quality homes. The Veev system leverages a proprietary panelized approach to produce fully cladded walls, complete with mechanical, electrical, and plumbing (MEP). The pre-inspected walls are delivered to the site ready for installation using their cutting-edge plug & play system.
Traditional methods of homebuilding have proven unable to solve America’s housing crisis, in both rural and urban communities. 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. Radical innovation is necessary across the entire value chain, from materials, to methods, to partnerships.
By reimagining the entire building process, Veev is able to build high-quality homes faster, more sustainably, and at a lower cost than traditional construction:
- Speed: Veev homes are built up to 4x faster than the construction industry standard, which brings down costs significantly.
- Sustainability: Material selection has resulted in 47% less CO2e than traditional construction materials, meaning a Veev home’s carbon footprint is nearly half that of a traditionally constructed home. The company’s 2022 goal is to further reduce a Veev home’s carbon footprint by an additional 25%.
- High-quality: From Light Gauge Steel (LGS) framing to High Performance Surface (HPS), Veev home materials are lighter, stronger, and more sustainable than wood and drywall (with near zero waste). The beauty and longevity of Veev homes are unmatched.
“Veev reimagined the entire homebuilding process by thinking about the home-as-a-product – the ultimate consumer product,” said Amit Haller, Veev CEO and co-founder. “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.”
“Veev will fundamentally change the way we build and experience homes in this country,” said Noah Knauf, General Partner at BOND. “From software-defined manufacturing to in-house supply chains, Veev is leading the industry with new technological construction practices of unprecedented quality and sustainability.”
The latest round of financing follows a period of momentous growth for the homebuilding technology company. Veev recently completed a 78-unit emergency housing development in San Jose, California, that took just 90 days to complete. In November, Veev announced a partnership with Lennar to build 102 attached homes in Northern California.
To learn more about Veev, visit https://veev.com/.
About Veev
Veev is a building technology company founded on the belief that homes are the ultimate consumer product, and they need to be built better, and faster. Working across design, development, engineering, manufacturing, and construction, Veev has developed a vertically integrated approach to productize the home and improve on cost and quality, up to 4x the speed of traditional construction. Veev is focused on building multi-family homes and single-family homes at scale, to help develop and support communities, and improve our quality of living.
Contact
LaunchSquad for Veev
veev@launchsquad.com
A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/bc969639-99bb-4008-8ab5-f9d33094b973
