Property technology company Veev is laying off about 100 employees, about 30% of its workforce.
Veev Raises $400 Million in Series D, Reaches Unicorn Status in March, Leverages Unique Panelization Approach to Produce Fully Cladding Walls with Mechanical, Electrical, and Plumbing (MEP) Solutions I grew the system.
The funding round was led by BOND, with participation from LenX, Zeev Ventures, Fifth Wall Climate Tech and JLL Spark Global Ventures.
Veev said at the time that the funding would be used primarily to expand its operations in the United States.
Veev raised $100 million in March 2021 through the Tel Aviv Stock Exchange’s TASE UP platform. Investors included major Israeli institutional investors such as Migdal Insurance, Psagot Investment House, More Investment House and Shavit Capital, none of which participated in the latest round. .
Veev was founded in 2008 by Amit Heller, Ami Avrahami, and Dafna Akiva. The company employed about 350 people before the layoffs, including his 100 in Israel.
Heller and Abrahami also back Israeli real estate platform Reali, which ceased operations in September. The company employs about 140 people.
“With the decision to focus the company’s efforts on developing low-rise residential units, it was decided to reduce the workforce developing high-rise solutions,” Veev said in a statement. “This is a difficult decision for the company to make and has been made after much deliberation with the utmost consideration of the company’s employees.This strategic decision will bring the company closer to achieving its business goals. In addition, the company will provide employees with expanded retirement benefits, and HR has been busy porting support programs to help these employees find new jobs.”