Giant Home Builder Lennar Aquires Veev, a struggling Bay Area contech unicorn

Source: San Francisco Business Times, by Sarah Klearman

Miami-based homebuilding giant Lennar Corp. has acquired Veev, the San Francisco Bay Area-based tech startup, after Veev faced closure in November. The deal, closed on December 21, involves Lennar taking full control of Veev for “several dozen million” dollars. Veev, previously valued at over $1 billion, shut down due to funding issues. Lennar’s venture arm, LenX, led Veev’s $75 million Series B in 2020 and was part of the $400 million  Series D that made Veev a unicorn in 2022. 

Veev’s plan was to deliver enough manufactured panels equipped with the necessary infrastructure such as plumbing and electrical to build the equivalent of 2 houses per day and saw that as a solution to reduce the housing deficit gap. 

The future of Veev under Lennar’s ownership, its Bay Area footprint, and the fate of its manufacturing facility remain uncertain. Veev had initially partnered with Lennar on a Northern California community, but dropped out in 2022 to focus on single-family homes. Some speculate this shift contributed to Veev’s closure. Lennar, one of the top U.S. homebuilders, delivered over 73,000 homes in 2023, with a significant portion in its “west” division, covering states like California and Washington.