With an initial goal to reinvent the entire home building process, modular construction startup Veev is on the brink of closure after not being able to secure financing.
“Veev was in the process of a funding round these last few weeks,” states a comment from the firm. “Unfortunately, over this past week, due to the macroeconomic environment, the round did not come to fruition at the anticipated closing date.”
Founded in 2008 by technology entrepreneurs Amit Haller, Ami Avrahami, and Dafna Akiva, Veev, formerly Dragonfly Group, set out to be a disruptor in real estate development, from its initial roots in multifamily development to creating its proprietary panelized construction approach.
“Veev is a tech company and is set to reimagine the way we build buildings,” said Akiva, in a previous BUILDER article. “But more than that, to deliver a product, a home, to the end user that gives an exceptional living experience.”
Ten years after its founding in 2018, the company received its first round of capital investment and developed its first digital home concept with a low-voltage solution.
Fast-forward to March 2022, the 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. With the capital, the company was supposed to scale its operations, expand construction and distribution to new markets, and accelerate research and development initiatives. It was also declared a unicorn—a tech startup with a valuation above a billion dollars.
The company’s latest news in May announced the launch of its single-family home product and a new production facility. At the time, it was projecting to build up to 500 homes per year.
Employees of the modular construction company were informed of the impending closure over the weekend.
“The company will undergo an assignment for the benefit of creditors process and is hopeful that what was created can live on in some form or fashion,” concludes the company’s statement.
