California once again is seeing hundreds of millions of dollars following into another Prefab housing company, this time for a group that claims to build modular homes four times faster than the industry standard.
Prefab home builder Veev has raised $100 million to further its goal of speeding up residential construction. The startup uses prefabrication and 3D printing. They raised the new cash on TASE UP, a platform launched by the Tel Aviv Stock Exchange that lets tech companies receive funds from institutional investors while remaining privately held.
Investors including More Investment House, Migdal, Psagot Investment House and Shavit Capital participated in the round, which brings Veev’s total funding to $200 million.
Veev has 300 employees in San Mateo, California, and Tel Aviv.
Veev manufactures steel-wall frames in a factory, which are then assembled on-site. Each wall includes the proper mechanical, electrical and plumbing hookups.
Veev bills itself as a solution to the U.S. housing shortage. It says with a streamlined design and modular prefabrication, it can build homes four times faster than the industry standard.
The company built 150 homes in 2020, including a 78-unit emergency housing project in San Jose that was completed in just 90 days. Veev expects to build 800 in 2021
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