TEL AVIV, Israel , March 22, 2021 / PRNewswire / – The Tel Aviv Stock Exchange (TASE: TASE) this morning launched the TASE UP platform with Veev, the first private company to list its shares on TASE UP.
After completing a fundraising round of approximately US $ 100 million, from today, Veev’s shares will be listed on TASE UP, an innovative platform that allows technology companies to raise capital without going public. On TASE UP, private companies can access capital from institutional and qualified investors and remain private.
Leading public institutions Israel, including More Investment House, Migdal Insurance Company, Psagot Investment House and Shavit Capital contributed to US $ 100 million round of financing. The fundraising was supported by Leader Issuances and will be listed on TASE UP.
In order to reach qualified investors, the company awarded US $ 5 million to a market maker, which will be available for trading on TASE UP, allowing qualified investors to buy shares of the company directly through their securities account at the price paid by institutional investors during the financing round.
Veev, a real estate technology company founded by entrepreneurs Amit Haller, Friend Avrahami and Dafna Ben-Porat Akiva, has developed a profitable and efficient construction method based on automation and prefabrication and offering superior quality. The company has nearly 300 employees in its Tel Aviv and the San Mateo (Silicon Valley) offices. Veev’s business model requires a flexible fundraising structure to support its accelerated growth.
Veev believes that houses are the ultimate consumer product and that building existing traditional houses is inefficient, making it difficult to meet the ever-increasing demand for housing. Veev has succeeded in vertically integrating technology, design, modular manufacturing and construction to create better quality homes at half the price and four times faster than the industry standard.
The company is entering the current fundraising round after having already taken several important steps. Among others, Veev recently completed a 78-unit residential project in collaboration with the City of San Jose, in an unprecedented record time of less than 90 days. The company works in collaboration with local and national organizations to expand its footprint in California and nationwide, with more than 130 homes completed in the Silicon Valley region.
Amit Heller, CEO and co-founder of Veev, said: “Being one of the most complex and bureaucratic industries in the world, housing construction requires a particularly flexible framework for raising capital. We chose TASE UP because it provides us with the financing and liquidity to support our vision to reinvent traditional home building, while allowing us to remain a private business. With additional capital to fuel our rapid growth, we can continue to focus on improving building standards and utilizing our technology of innovative construction to offer an exceptional quality of life to the entire population. “
Lior navon, Head of Sales and Market Development at TASE, said: “We welcome Veev, the first private technology company to raise capital and list its shares on TASE UP, which we are launching this morning.” As a hotbed of Israeli growth companies, the Tel Aviv Stock Exchange is committed to nurturing entrepreneurs and strengthening the links between Israeli high tech and the Israeli capital market and investors. Veev has paved the way for other companies to raise capital from qualified institutions and investors and register with TASE UP, taking advantage of the benefits of TASE, such as affordability for investors and liquidity of shares of the company, while remaining a private company. I want to thank the winning team at Veev, led by the CEO Amit Heller, for showing their confidence in TASE UP and the Israeli capital market. “
Additional information about Veev is available on MAYA: https://maya.tase.co.il/company/1837?view=details
Head of Communication and Public Relations Unit
Phone: + 972-76-816-0405
SOURCE Tel Aviv Stock Exchange Ltd.
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