By Jack Rogers

November 30, 2023 at 07:24 AM

Firm puts itself on block after funding round fails due to “macroeconomics.”

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.

“Veev was in the process of a funding round these last few weeks. Unfortunately, over this past week, due to the macroeconomic environment, the round did not come to fruition at the anticipated closing date,” Veev said, in a statement provided to the Chronicle.

“The company will undergo an assignment for the benefit of creditors process and is hopeful that what was created can live on in some form or fashion. In the meantime, until a buyer is found for the assets, the company’s operations will continue,” the statement said.

Veev manufactured modular walls, roofing and other building segments in its factory and delivered them to construction sites, which they can quickly be attached to each other in a method the company calls “plug and play.” The modular units are produced with pre-attached electrical and plumbing outlets.

According to the newspaper report, Veev acquired properties in California by accumulating debt. Veev said in a message to lenders it is having difficulty making interest payments and is unable to sustain the payments until the properties are divested, the report said.

In an early sign of financial difficulty at Veev, the company laid of an estimated 30% of its workforce at the end of 2022. Investors in the company have included Khosla Ventures, Brookfield Growth and Zeev Ventures.

Until the middle of last year, Veev appeared to be a darling with investors. In March 2021, the company raised $100M through a Tel Aviv Stock Exchange platform. In 2022, Veev raised $400M in a Series D round that valued the company at an estimated $1B.

Veev is not the first modular construction tech startup to go under amid the pullback in venture capital funding. In 2021, Menlo Park, CA-based Katerra, which was backed by Softbank Group’s Vision Fund, filed for bankruptcy protection.

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Proven in the UK and

Germany

With over a million units on board, Plentific’s end-to-end real estate solution accelerates renovations, conversions and tenant satisfaction, resulting in higher net operating income for owners

NEW YORK

,

June 7, 2023

/PRNewswire/ — Plentific – the robust, fully integrated, real-time property operating system, helping property owners across the UK

Germany

Streamlining repairs while reducing home handover times – launches its innovative platform in America this week. Plentific provides property owners and managers with a real-time, one-stop solution for executing all aspects of multifamily operations – including tracking, execution, inspection and billing for all repairs and modernizations. Plentific is already integrated with leading American industry software such as Yardi and is now implementing its efficient tool with its first US customers.

Named “Fastest Growing Prop-Tech Company” in the UK

Germany

According to the Financial Times in 2023, Plentific was acquired by leading real estate owners and managers including Knight Frank, Corigin, Charney and Murray. The company has over a million multifamily properties on its platform in the UK

Germany

. UK landlords using the platform have reported a 54 per cent reduction in maintenance times and a 3.5 per cent increase in rental income per year.

Plentific eliminates compatibility issues that exist with many other property management options and integrates with existing property management technology platforms to manage everything from work orders and inspections to billing and tenant communications. Its unique marketplace offers an extensive selection of Plentific verified plumbers, electricians and other service providers available to owners to expand their supply chains. The easy-to-use, fully customizable dashboard allows users to make real-time decisions, simplifying the process of hiring and paying contractors for repairs, conducting inspections, and resolving issues as they arise. Results include happier tenants, faster turnaround times, and higher net operating income (NOI).

“Plentific’s connected platform helps real estate managers tackle the three biggest real estate challenges simultaneously: improving net operating income, perfecting the customer experience, and meeting regulatory and governance requirements,” said Plentific co-founder and CEO

Cem Savas

. “Our real-time solutions are proven to reduce handover times for multi-family clients, thereby improving NOI and CX while keeping decision-makers informed with real-time data on KPIs.”

Early adopters of the breakthrough technology include Income Property Specialists (IPS), a long-standing outside real estate management firm in the San Francisco Bay Area. Plentific is currently implementing its platform in all IPS managed entities.

“Since I started in real estate over 40 years ago, many technologies have emerged that have helped us operate more efficiently and increase NOI for our clients,” he said

Robert Salwasser

, President of IPS. “Yet, until now, there have still been gaps in how we view and manage operations across our organization. Plentific is solving an industry-wide problem, and IPS is proud to be at the forefront of the industry’s technology transformation.”

Plentific’s platform seamlessly integrates existing in-house maintenance staff and contractors with a marketplace of pre-qualified, local contractors that Plentific continually nurtures based on job satisfaction ratings. With just a few clicks, managers can place a job with new and existing contractors, compare bids and schedule jobs. Once jobs are completed, inspections, additional compliance requirements and even invoicing are integrated into a single platform.

Plentific solves one of the industry’s biggest challenges by reducing the gap between a tenant moving out and a new tenant moving in. The fully integrated platform ensures no time or money is wasted by automating the process of tendering repair and cleanup work, selecting and scheduling service providers, conducting inspections, meeting compliance requirements and processing payments.

About Plentif

Plentific is a real-time property operations platform that is fully integrated and customizable with existing applications to provide property owners and property managers with a one-stop solution for all their property operations needs. The end-to-end solution seamlessly connects owners, operators, service providers and tenants on a single platform, making operations easier, faster and more efficient. Plentific was recently recognized with Property Tech of the Year, Best Application of Tech – Public Sector, and Tech Company of the Year awards from the Global Business Tech Awards.

By working with clients to streamline operations, unlock revenue, improve tenant satisfaction and comply with regulations, Plentific empowers clients with data-driven insights that inspire action. With its growing network of over 1 million properties and 20,000 service providers worldwide, Plentific is dedicated to building stronger communities where people can thrive.

Media contacts:

Lindsay Church

/

Eric Nizguretsky

/

Rick Van Warner

:

Great Ink – 360047@email4pr.com; 212-741-2977

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SOURCE Plenific

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