Veev Acquisition, Valuation, Funding & Investors
Veev was acquired by Lennar in November 2023.
Cumulative funding Veev raised
$585M
across 3 funding rounds
Key investors in Veev
Zeev Ventures
Khosla Ventures
Eclipse Ventures
Fifth Wall
Greenspring Associates
Bond
WestWave Capital
JLL Spark
About Veev
Veev is a Palo Alto-headquartered builder of prefabricated smart homes using light-gauge steel framing and high-performance acrylic panels. The system incorporates radiant heating, automated lighting, shades, climate controls, and cybersecurity features into multifamily units and accessory dwelling units. Veev's development pipeline exceeds 230 units totaling 620,000 square feet in California communities.
Founded
2008
HQ
San Francisco, CAWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$1B (Feb 2022)
Veev Acquisition
Veev was acquired by Lennar for an undisclosed price on 18 November 2023.
Before the acquisition Veev had raised $585M across 3 funding rounds.
Veev, an Israeli proptech company founded in 2008 by Amit Haller, Ami Avrahami, and Dafna Akiva, developed a proprietary prefabricated panelized building system for residential construction, producing walls, ceilings, and floors with integrated electrical and plumbing to assemble homes four times faster than traditional methods at reduced labor costs. Initially focused on multifamily housing, Veev pivoted to single-family homes amid rising interest rates and shifting U.S. real estate demand, raising nearly $600 million including a $75 million Series B led by Lennar's LENX venture arm in 2020 and a $400 million Series D in 2022 that valued it at $1 billion. The company partnered with Lennar on a Northern California community of 102 attached homes announced in 2021 but shuttered U.S. operations in November 2023 after failing to meet financial obligations to suppliers and employees under California law, entering insolvency and liquidating assets while retaining Israeli tech operations with about 250 employees total. Lennar Corporation, a Miami-based homebuilding giant founded in 1954 with a $41 billion market cap and delivering over 73,000 homes in 2023 primarily in its West division covering California, acquired full control of Veev's operations on December 21, 2023, for several dozen million dollars following a three-week bridging loan it provided as the sole bidder. As Veev's largest prior investor through LENX, Lennar emerged after other interested parties failed to submit offers within the tight timeline, letting go of founders Ami Avrahami and Dafna Akiva while planning to retain Veev's technological operations and employees in Israel. The acquisition at a steep discount from Veev's unicorn valuation reflects Lennar's strategy to integrate adjacent proptech solutions into its core homebuilding via LENX, positioning it to advance Veev's modular system amid a challenging proptech environment marked by funding shortages and market shifts. The deal underscores competitive dynamics in U.S. modular construction, where Veev's scalability issues post-pivot and economic pressures like declining California real estate prices led to closure despite prior successes, with Lennar's vast resources enabling potential revival of Veev's IP for efficient housing production. No specific regulatory hurdles or detailed future plans for Veev's Bay Area footprint and Hayward manufacturing facility were disclosed, though Lennar confirmed the transaction without further terms.
| Acquirer | Date | Type |
|---|---|---|
| 18 Nov 2023 | Strategic M&A |
Veev Valuation
Veev is currently valued at $1B, based on its Series D in February 2022.
The $400M round was led by Bond, with participation from JLL Spark, Zeev Ventures, LenX and Fifth Wall.
Veev valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Feb 2022 | Series D | $1B |
Veev Funding History
Veev has raised a total of $585M across 3 funding rounds.
Veev's first fundraising round was a $85M Series B in February 2020. The most recent completed round was a $400M Series D in February 2022.
Veev funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2022 | Series D | Bond (lead); JLL Spark; Zeev Ventures; LenX; Fifth Wall | $400M | $1B | Veev is an Israeli technology-enabled homebuilding company that uses a proprietary panelized system to produce fully cladded walls with integrated mechanical, electrical, and plumbing, enabling homes built up to 4x faster than industry standards with 47% less CO2e emissions. Founded in 2008 by Amit Heller, Ami Avrahami, and Dafna Akiva, it operates from San Mateo, California, and Tel Aviv, employing 350 people with 100 in Israel R&D. The Series D round in February/March 2022 raised $400 million led by BOND, with participation from LenX, Zeev Ventures, Fifth Wall Climate Tech, and JLL Spark Global Ventures, bringing total funding to $600 million. The funding supports scaling U.S. operations beyond California, expanding to new states and markets, accelerating R&D for sustainability and cost-efficiency, and adding 100 employees to the Israeli R&D center. Veev achieved unicorn status with valuation over $1 billion, estimated significantly higher given the all-primary round size. Recent milestones include completing a 78-unit emergency housing project in San Jose in 90 days and partnering with Lennar for 102 attached homes in Northern California. Veev's vertically integrated approach reimagines homebuilding as a product, using light gauge steel framing and high-performance surfaces for lighter, stronger, more sustainable homes with near-zero waste. The company plans digital fabs near demand centers, akin to e-commerce distribution. Prior raises included $100M in March 2021 via TASE UP and $85M Series B in 2020. |
| Mar 2021 | Series C | Psagot Investment House; J-Ventures; More Provident Funds; Migdal Group; Shavit Capital | $100M | - | - |
| Feb 2020 | Series B | Lennar Ventures (lead); Zeev Ventures (lead); Eclipse Ventures; Greenspring Associates; Khosla Ventures; WestWave Capital | $85M | - | - |
Who has invested in Veev?
15 investors have backed Veev across its funding rounds, including Zeev Ventures, Khosla Ventures, Eclipse Ventures, Fifth Wall, Greenspring Associates and Bond.
Lead investors include Bond, Lennar Ventures and Zeev Ventures.
Veev Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 2 | Lead | Feb 2020 | |
| San Francisco, CA | 1 | Participant | Feb 2022 | |
 Tel Aviv | 1 | Participant | Mar 2021 | |
| San Francisco, CA | 1 | Participant | Feb 2020 | |
| Baltimore, MD | 1 | Participant | Feb 2020 | |
| San Francisco, CA | 1 | Participant | Mar 2021 | |
| Israel | 1 | Participant | Mar 2021 | |
| San Francisco, CA | 1 | Participant | Feb 2020 | |
| Miami, FL | 1 | Participant | Feb 2022 | |
| San Francisco, CA | 1 | Participant | Feb 2020 | |
| Los Angeles, CA | 1 | Participant | Feb 2022 | |
| Israel | 1 | Participant | Mar 2021 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Lennar Ventures | Miami, FL | 1 | Lead | Feb 2020 |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialVeev Competitors
Veev competitors include listed companies like DigiCo REIT and Abacus Storage King, and private ones like Juno, AG7, Habi and HexClad.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| San Francisco, CA | Private | - | - | $183M | - | |
 Paraná | Private | - | - | $1B | - | |
 Colombia | Private | - | - | $1B | - | |
| Los Angeles, CA | Private | - | - | $1B | - | |
 Australia | Publicly listed | $155M | $91M | $1B | 13.8x | |
| Australia | Publicly listed | $176M | $141M | $1B | 11.7x |
Veev Public Comps
Veev is no longer listed, but its public comps include DigiCo REIT, Abacus Storage King, CPI FIM, NWPX Infrastructure, Africa Israel Residences, Direcional, Country Garden Holdings, Argo Properties, Rami Levi Hashikma and FII CSHG Logistica.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $155M | $91M | 14.0x | 13.8x | 24.0x | 24.1x | |||
| $176M | $141M | 10.9x | 11.7x | 13.6x | 21.4x | |||
| $144M | $85M | 18.1x | - | 30.7x | - | |||
| $526M | $69M | 2.0x | 1.8x | 15.7x | 12.2x | |||
| $305M | $96M | 5.7x | - | 18.2x | - | |||
| $844M | $230M | 1.5x | 1.3x | 5.4x | 4.8x | |||
| $23B | $3B | 1.2x | 1.8x | 8.9x | (6.7x) | |||
| $58M | - | 26.9x | - | - | - | |||
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Common questions about Veev
| When was Veev founded? | Veev was founded in 2008. |
| Where is Veev headquartered? | Veev is headquartered in San Francisco, CA, United States. |
| Is Veev publicly listed? | No, Veev was acquired by Lennar in November 2023. |
| Who acquired Veev? | Veev was acquired by Lennar in November 2023. |
| What is Veev's valuation? | Veev was last valued at $1B in its Series D in February 2022. |
| How much funding has Veev raised? | Veev has raised $585M across 3 funding rounds. |
| What was Veev's last funding round? | Veev's last funding round was a $400M Series D in February 2022, led by Bond. |
| Who are Veev's investors? | Veev's investors include Zeev Ventures, JLL Spark, Psagot Investment House, Eclipse Ventures, Greenspring Associates, J-Ventures, More Provident Funds, Khosla Ventures, LenX, WestWave Capital and 5 others. |
| Which companies are comparable to Veev? | Companies comparable to Veev include Juno, AG7, Habi, HexClad, DigiCo REIT and Abacus Storage King. |
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