Veev, a construction technology company, is the first private company to register for trading on the platform; The company is engaged in automation-based construction and modular construction and has raised about $ 100 million
The Tel Aviv Stock Exchange launched the TASE UP platform this morning at a trading opening ceremony, during which Veev’s management opened trading on the stock exchange on the occasion of listing the company’s shares on the TASE UP platform, as the first private company to list its shares on the new platform.
Veev has completed a raising of approximately $ 100 million, and will list its shares as of today on the TASE UP platform, the first digital platform of its kind built for technology companies, to raise capital without an IPO procedure. The TASE UP platform enables private companies to allocate securities to qualified and institutional investors, without it becoming a public company.
Leading institutional entities in Israel, including Mor Investment House, Migdal Insurance Company, Psagot Provident and Pension Ltd. and Shavit Capital Management, participated in the $ 100 million round of funding. The raising was accompanied by Lider IPOs and will be listed for trading on the TASE UP platform.
Out of a desire to share with the eligible investors, the company has allocated to the market a $ 5 million market that will be put up for trading through the TASE UP platform and allow investors interested in investing in the company, to buy the company shares directly through their securities account at the raising price issued to institutional investors.
The Veev construction technology company, founded by developers Amit Heller, Ami Avrahami and Dafna Ben-Porat Akiva, has developed a cost-effective construction method based on automation and modular construction. The company employs about 300 people in the company’s offices in Tel Aviv and San Mateo, in Silicon Valley. Veev’s business model requires a flexible capital raising structure to support its accelerated growth.
The company says that the standard procedure for building houses that exists in the traditional market is inefficient, and it is difficult to meet the growing demand for housing. Veev streamlines design, modular manufacturing and technology processes to deliver exceptional quality homes, at 50% cost and four times faster than the industry.
The current recruitment comes after major and significant milestones for the company. Among other things, Veev recently completed a 78-unit housing project in partnership with the City of San Jose in less than 90 days, a record pace in the industry. The company is partnering with local and national organizations to expand its foothold in California and around the world, with more than 130 detached houses and townhouses already built in the Silicon Valley area.
Amit Heller, CEO and co-founder of Veev, said today that: “The home construction market is one of the most complex and bureaucratic industries in the world, and as such, requires the possibility of raising capital in an equally flexible manner. We chose TASE UP because it provides us with funding and liquidity that supports our broad vision of reinventing the traditional end-to-end home construction process and at the same time allows us to remain a private company. With more capital to drive our rapid growth, we can stay focused on improving the quality of construction and bring about an exceptional quality of life for the entire population through our innovative construction technology. “
Lior Navon, Director of Sales and Market Development, said today: “We welcome VEEV, the first private construction technology company to raise capital in Israel and list its shares on the TASE UP platform, which was launched this morning. As the home of the Israeli economy, And the Israeli companies and strives to produce a stronger and better connection between the Israeli high-tech and the capital market and investors in Israel.
We believe that VEEV has paved the way for other companies that will want to raise capital from institutional investors and qualified investors, sign up for trading on TASE UP and enjoy the benefits of the stock market, including investor accessibility and liquidity to the company’s shares, while remaining private companies. I would like to thank the winning team of VEEV, led by CEO Amit Heller, for expressing confidence in the TASE UP platform of the stock exchange and the Israeli capital market. “