Tech-Enabled Home Builder Veev Closes on $400M in New Funding
Veev, a San Mateo, California-based real estate developer turned prefab home builder, recently announced that it has raised a $400 million Series D that pushes the company to “unicorn status,” TechCrunch reports. Veev’s main goal is to address the nation’s housing crisis by delivering a high-speed prefab system at a portion of the cost of traditional builds with a much smaller carbon footprint.
Single-family and multifamily homes are constructed in parts in Veev’s 50,000-square-foot “Digital Fab” facility and delivered on-site with precision-cut, fully cladded walls and all mechanical, electrical, and plumbing (MEP) included. The company plans to use its new capital to expand construction and distribution to new markets and to test out new development initiatives in its effort to provide more affordable housing to the U.S. market.
Over the years, Veev developed a proprietary panelized building system using materials such as steel frames, “high-performance” acrylic finishes and millwork, low-voltage lighting and smart sensors. It uses a digital fabrication process, such as 3D design files fed to cold-formed steel and Computer Numerical Control machines, to design and produce new homes. At first, the company was focused on construction ADUs (accessory dwelling units), but now it is building multi-family homes and single-family homes at scale.