Veev, an Israeli startup that develops modular prefabricated homes and a one time unicorn with a valuation of more than $1 billion, was sold to American real estate giant Lennar. The sale came after Veev crashed and burned and was on the brink of closure.
Lennar was founded as a local Miami homebuilder in 1954. The firm completed an initial public offering in 1971 and listed common stock on the New York Stock Exchange in 1972.
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In 2022, Veev established a partnership with Lennar to construct 102 attached houses in Northern California.
Veev raised as much as $600 million in investments, yet it could not withstand the worldwide financial crunch that came as a result of the Russian invasion of Ukraine. One year ago the company was already forced to layoff about 30% of its workforce
Veev was founded in 2008 by CEO Amit Haller, CPO Ami Avrahami, and CRO Dafna Akiva in Tel Aviv and San Mateo, California. In 2017, the company turned its focus to modular construction, designing prefabricated panelized wall systems that are constructed off-site at its Union City factory.
Veev’s product solution controls the entire process, from permission to assembly and utility connections. The pre-inspected walls are delivered to the site with their cutting-edge plug-and-play system. Recently, Veev successfully completed a 78-unit housing project in conjunction with the City of San Jose in less than 90 days.
Veev’s mission is to make the construction process four times faster, greener, and at a cost, half that of the industry standard by designing, manufacturing, and assembling modular multifamily communities and auxiliary dwelling units (ADUs).
Material selection results in a 47 percent reduction in CO2e emissions compared to conventional construction materials, which means that a Veev home’s carbon footprint is nearly half that of a conventionally constructed home.
