Veev, a real estate developer turned tech-enabled homebuilder, is about to close after that reached unicorn status last yearaccording to several reports.
Calcalist reported on Sunday that the company – which has raised $600 million in total, $400 million of this was earned in March of 2022 – had to close after an “abrupt cancellation of a capital raising initiative.”
Bond took the lead VeevThe 2022 round, which also includes participation from LenX (formerly Lennar Ventures), Zeev Ventures, Fifth Wall Climate Tech and JLL Spark Global Ventures.
TechCrunch reached out to Veev for comment but had not heard back by press time.
Founded in 2008, Veev Group began life as a traditional real estate developer and asset manager. During the development of the properties, new ways were found to improve the construction process, according to CEO and co-founder Amit Haller. In 2017, Veev Group began focusing on prefabrication capabilities, and in 2018 it formally pivoted to what it described as “a vertically integrated developer focused on building innovation.” In 2019, the company’s name changed from Dragonfly Group to Veev.
Surprisingly, when TechCrunch spoke to the company in March of 2022, executives appeared unfazed by the demise of Katerra, a construction technology startup backed by SoftBank. crashed and burned in 2021 after raising over $2 billion in funding. Haller said at the time that Katerra positioned itself “as a full-stack supply chain company, adopt prefab construction tech to continue its efforts.”
He added: “Veev has taken a different approach, where the product – the house – comes first. And the next stage for the company is to scale by replicating the success of Digital Fab close to the needs of the region.
In November of 2022, Calcalist also reported that Veev had laid off 100 employees, or about 30% of its workforce. At the time, the company reportedly had around 350 workers, including 100 in Israel.
This isn’t the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, is set to close in August 2022 after raising more than $290 million in debt and equity funding. Zeev Ventures is also an investor in the company.