Lennar Corp.—No. 2 on the 2023 Builder 100—has acquired the remaining assets of failed modular construction startup Veev, according to several news outlets.
Calcalist, a business newspaper in Israel, first reported the news, stating Lennar made an offer to purchase the entire operation for “an estimated several dozen million dollars.” Danielle Tocco, spokeswoman for Lennar, later confirmed the acquisition in an email to BUILDER, but declined to give further details.
Once valued at $1 billion, Veev entered insolvency late last year after an “abrupt cancellation of capital-raising initiative.” The company was founded in 2008 by technology entrepreneurs Amit Haller, Ami Avrahami, and Dafna Akiva to reinvent the home building process. (Read more about the company and its recent liquidation here.)
Interestingly, this will not be Lennar’s first involvement with the company. LenX, Lennar’s venture arm, was one of Veev’s most recent and significant investors.
“Per Tech Crunch, 2022’s fundraising initiative—a Series D funding round—was led by BOND, with participation from LenX, Zeev Ventures, Fifth Wall Climate Tech, and JLL Spark Global Ventures,” says a previous BUILDER article.
The companies also collaborated on a community in Northern California in November 2021. At the time, the 102 attached homes were “expected to break ground in the coming months” and “be the largest community to date exclusively featuring homes built with Veev's proprietary and productized approach to design and construction.”
This is a developing story and will be updated as more information becomes available.
