Veev, a real estate developer turned tech-enabled homebuilder, announced today that it has raised $400 million in a Series D round.
The company has raised $600 million since it was founded in 2008. Bond led the latest round, which also included participation from other companies. Veev raised a $100 million Series C in March of 2021.
Veev's mission is straightforward: to address the nation's housing crisis.
Veev Group started out as a real estate developer and asset manager. The company found new ways to improve the building process while it was developing properties.
Veev Group began to focus on prefabrication capabilities in 2017, and then pivoted to being a vertically integrated developer focused on building innovation.
Veev has developed a proprietary panelized building system using materials such as steel frames, high- performance acrylic finishes, and low-voltage lighting. 3D design files fed to cold-formed steel and Computer Numerical Control machines are used to design and produce new homes. At first, the company was focused on construction ADUs, but now it is building multi- family homes and single family homes at scale.
The 50,000- square-foot Digital Fab facility is where Veev's panelized construction takes place. All mechanical, electrical, and plumbing are included in the homes that are manufactured there, according to Haller. The walls are delivered to the construction site where they will be installed.
The panels are assembled on-site using the plug and play system.
The company believes that its panelized system is more flexible in terms of design and site location than a factory-built housing.
According to Haller, Veev says it can build homes at a lower cost since it is able to build them faster. He claims that the company's choice of material has resulted in a 47% less CO2e than traditional construction materials, meaning a Veev home's carbon footprint is nearly half that of a traditionally constructed home. Veev uses Light Gauge Steel (LGS) framing and High Performance Surface ( ) which the company says are lighter, stronger, and more sustainable than wood and drywall and with near zero waste. The company's goal is to reduce the carbon footprint of a Veev home by 25%.
Haller said that he expected the company to achieve profitability within two years, and that he expected production to increase by more than 3000% in the years to come.
Haller said that the company has taken a similar approach to their expansion efforts.
The company plans to use its new capital to scale up operations, expand construction and distribution, and accelerate research and development initiatives.
Expansion plans include, but are not limited to, Southern California and Texas, as Veev recently collaborated with Lennar to build a 102-attached home community in Northern California.
Veev is taking a revolutionary path to building homes, according to Noah Knauf, general partner at BOND.
He said that its software-defined, end-to-end manufacturing process provides an exceptional level of quality faster to customers, and will be pivotal in creating much-needed housing in the United States.
Tech-enabled home builders are helping address the nation's housing shortage. We reported earlier this month on the raising of $185 million by Icon in a Series D led by Tiger Global Management. We covered Homebound's $75 million Series C and plans to serve as a homebuilder to make it possible for anyone to build a home.
Veev is undeterred by the demise of Katerra, a construction tech startup that raised over $2 billion in funding.
ICON raises $185M in Tiger-led round to build more homes with its 3D printing tech, now approaching $2B valuation
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