US-based real estate developer Veev closed a series B round co-led by Lennar Ventures, the investment arm of construction firm Lennar, yesterday that took its overall financing to $97m.
Venture capital fund Zeev Ventures co-led the round, and although Veev did not disclose the size of the series B or its earlier rounds, it revealed it has now secured a total of $85m in equity funding and $12m in debt financing to date.
Historical investors in the company include VC firms Eclipse Ventures, Greenspring Associates and Khosla Ventures, and the debt facility was supplied by Western Technology Investment.
Veev has created a panelised building system that involves housing components being manufactured in a factory and assembled on site to reduce construction times and costs. It has also developed smart home technology and a property management platform for rented accommodation.
The company emerged in December 2019 through the consolidation of several subsidiaries. It was originally founded in 2008 as asset manager Dragonfly Group before moving into active real estate development in 2013 and prefabrication processes in 2017.
The series B funding will accelerate the development of Veev’s building system and allow the company to scale its business.
Eric Feder, managing general partner of Lennar Ventures, said: “The housing sector is in critical need of innovation across-the-board if we are to scale production.
“Veev’s digital disruption of the design and fabrication process and acceleration of construction timelines will help us to meet market needs.”
