Building tech company Veev becomes the first private firm to be listed on TASE UP
The company, which offers an automated panelized building process, raised approximately $100 million
The Tel Aviv Stock Exchange (TASE) officially launched the TASE UP platform on Monday with property technology company Veev.
After completing a financing round of approximately $100 million, Veev shares have been listed on TASE UP, a new platform that allows technology companies to raise capital without performing an IPO. On TASE UP, private companies can access capital from institutional and qualified investors and remain private. Companies that are listed on TASE UP are not subject to any reporting or prospectus publishing requirements under the Israeli Securities Law.
Leading public institutions in Israel, including More Investment House, Migdal Insurance Company, Psagot Investment House and Shavit Capital contributed to the round. The capital raising was accompanied by Leader Issuances.
The Tel Aviv Stock Exchange. Photo: Yair Sagi
As a way of reaching out to qualified investors, Veev allotted $5 million to a market maker, which will be available for trading on TASE UP, allowing the investors to purchase company shares directly through their securities account at the same price paid by the institutional investors in the financing round.
Veev, which creates homes based on an integrative technology that encompasses design, modular manufacturing, and construction to improve on quality and cost, was founded by entrepreneurs Amit Haller, Ami Avrahami and Dafna Ben-Porat Akiva. The company has close to 300 employees in its Tel Aviv and San Mateo (Silicon Valley) offices.
"Being one of the most complex and bureaucratic sectors in the world, home building requires a particularly flexible capital raising framework. We chose TASE UP, since it provides us with the financing and liquidity that are necessary to support our vision of reinventing traditional home building, while allowing us to remain a private company," said Amit Heller, CEO and co-founder of Veev. "With additional capital to fuel our rapid growth, we can maintain our focus on improving building standards and using our innovative building technology to facilitate an exceptional quality of life for the entire population."
Lior Navon, Head of Sales and Market Development at TASE, said: "As home to Israeli growth companies, the Tel Aviv Stock Exchange is committed to the encouragement of entrepreneurs and dedicated to strengthening the ties between Israeli high-tech and the Israeli capital market and investors. Veev has paved the way for other companies to raise capital from institutions and qualified investors and list on TASE UP, enjoying the benefits of TASE, such as investor accessibility and liquidity of the company shares, while remaining a private company."