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Modular Home Building Pioneer Veev to Shut Down

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Off-Site Construction

Modular Home Building Pioneer Veev to Shut Down

The Bay Area startup, once valued at $1 billion, lost funding and is now on the verge of closure

November 28, 2023
Modular home builder Veev factory interior
Image: courtesy Veev

Veev, an Israeli technology-enabled home building startup based in Hayward, Calif., hoped the construction of more modular homes could help tackle the chronic shortage of housing in the U.S. But a financing round for the company was canceled at the last minute and the company's assets will now be sold in the U.S., Calcalist reports.

Founded in 2008 by Amit Haller, Ami Avrahami, and Dafna Akiva, Veev constructed more than 170 residential units in the Bay Area and had ambitious plans for building an additional 300 single-family homes in Northern California by the end of 2025. The company had more than 400 employees at its peak, including 100 in Israel. On Sunday, Veev informed staff of the impending closure, attributing it to the company's failure to secure its latest round of financing.

"Veev was in the process of raising capital, which was canceled at the last minute. In light of the current market situation in Israel and globally, it was not possible to secure additional funding," the company wrote in a statement. "Therefore, the current entity of the company will be closed in the coming days and transferred to an assignee who will be in charge of the assets and their sale in the U.S. In the meantime, until a buyer is found for the assets, the company's operations will continue. At this stage, the company's employees in Israel will continue to work."

It is estimated that there are currently negotiations taking place with a leading company to acquire Veev’s activity and assets. Should these negotiations not prove to be fruitful, all of the company’s employees will be fired and the company will shut down.

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