Proptech player Veev, a modular housing company based in Haywood, CA, may be on the verge of closing its doors in the midst of an expansion that expected the Bay Area company to build 300 single-family houses over the next two years.

The company, which was founded in Tel Aviv in 2008 and has constructed more than 170 residential units in Northern California, has decided to sell its assets after failing to secure its latest round of financing, according to a report in the San Francisco Chronicle.

The company, which according to PitchBook has raised $646M to date and employs 255, including 100 people in an R&D center in Tel Aviv, is actively seeking to sell its US assets in order to mitigate its losses, the report said.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.