Technology-based homebuilding company Veev 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 capital will allow Veev to expand operations, expand construction and distribution to new markets, and accelerate research and development initiatives that will make Veev homes more sustainable and profitable, according to the company.
Veev is a vertically integrated company taking a technological route to build turnkey homes. The Veev system relies on a proprietary panel approach to produce fully covered walls, with mechanical, electrical and plumbing components. Pre-inspected walls are delivered to site ready to install using the company’s plug and play system.
According to Veev, homes built by the company are completed four times faster than the construction industry standard, reducing construction costs. Veev also claims that its selection of materials resulted in 47% lower carbon dioxide emissions than traditional building materials. Veev has a 2022 goal to further reduce the carbon footprint of its homes by an additional 25%.
“Veev has reinvented the entire process of building a home by thinking of the home as a product, the ultimate consumer product,” said Veev CEO and co-founder Amit Haller. “By rethinking every element of the home, including design, materials and the built environment, and fully integrating the home building process from start to finish, we have succeeded in producing homes of a quality, unprecedented in speed, value and durability in the industry – until now.
Veev recently completed a 78-unit emergency housing development in San Jose, California in 90 days. In November, the company announced a partnership with Lennar to build 102 townhouses in Northern California.