Insurer-backed Veev reportedly facing shutdown
Veev , a company specializing in technology-enhanced homebuilding, is reportedly on the brink of closure, a surprising turn of events given its achievement of unicorn status just last year.
Established in 2008, Veev has been known for its modern approach to homebuilding, integrating design, materials, and manufacturing. This method aimed to deliver homes of superior quality and healthier living environments more efficiently. Veev’s approach emphasized streamlined design, modular prefabrication, and advanced technology, targeting to reduce costs and construction time to a quarter of the industry’s norm.
The company had successfully raised a total of $597 million in funding. This includes participation by Israeli insurer Migdal in Veev’s $100 million Series C funding round in 2021.
However, as reported by Globes, Veev’s recent plans to secure additional funding were abruptly cancelled. The current challenging economic conditions, both in Israel and internationally, have obstructed its efforts to find alternative financial support. Consequently, Veev is preparing to shut down its existing operations soon and will be placed under a receiver in the US for potential sale. The company will continue to operate until its assets are sold.
For the time being, Veev’s employees in Israel will remain in their positions.