Israeli technology-enabled homebuilding company Veev is set to shut down. In March 2002 the company raised $400 million at a valuation of $1 billion to become the first unicorn in building technology sector.
However, today Veev announced that it is laying off 100 employees including 20% of the staff at its development center in Israel.
Veev was set to close a financing round but it collapsed over the past few days, at the term sheet stage, according to sources close to the company. The company has not disclosed what the amount was in the failed financing round. However, according to sources in the company, there is a large and relevant potential buyer on the table who is interested in acquiring the company's operations, including its operations in Israel.
To date Veev has raised $646 million, according to PitchBook, and has 255 employees. 100 of these employees are in Israel, according to LinkedIn. Veev was founded in 2008 by CEO Amit Haller, CPO Ami Avrahami, and CRO Dafna Akiva.
Veev said, "Veev was in the process of raising money, which was canceled at the last moment. Due to the current market situation in Israel and around the world, it was not possible to raise other money, therefore the company's current entity will be closed in the coming days and will be transferred to the receiver for sale in the US. In the meantime, until a buyer is found for the assets, the company's activities will continue. At this stage, the company's employees will continue to work in Israel."
Published by Globes, Israel business news - en.globes.co.il - on November 26, 2023.
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