TEL AVIV, Israel , March 22, 2021 /PRNewswire/ -- The Tel-Aviv Stock Exchange (TASE: TASE) launched the TASE UP platform this morning with Veev, the first private company to list its shares on TASE UP.
Having completed a financing round of approximately US$ 100 million, starting today the shares of Veev will be listed on TASE UP, an innovative 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.
Leading public institutions in Israel, including More Investment House, Migdal Insurance Company, Psagot Investment House and Shavit Capital contributed to the approximately US$ 100 million financing round. The capital raising was accompanied by Leader Issuances and will be listed on TASE UP.
As a way of reaching out to the qualified investors, the company has allotted US$ 5 million to a market maker, which will be available for trading on TASE UP, allowing the qualified investors to purchase company shares directly through their securities account at the price paid by the institutional investors in the financing round.
Veev, a property technology company founded by entrepreneurs Amit Haller, Ami Avrahami and Dafna Ben-Porat Akiva, developed a cost-effective and efficient building method that is based on automation and prefabrication and delivers superior quality. The company has close to 300 employees in its Tel Aviv and San Mateo (Silicon Valley) offices. The business model of Veev requires a flexible capital raising structure to support its accelerated growth.
Veev believes homes are the ultimate consumer product and that existing, traditional home building is inefficient, making it difficult to meet the ever-growing demand for housing. Veev has successfully vertically integrated technology, design, modular fabrication, and building to make better quality homes, at half the cost and four times faster than the industry standard.
The company arrives at the current financing round having already achieved several significant milestones. 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 is working in collaboration with local and national organizations to expand its footprint in California and nationwide, with more than 130 completed homes in the Silicon Valley region.
Amit Heller, CEO and Co-Founder of Veev, said: "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. 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: "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 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. I would like to thank Veev's winning team, headed by CEO Amit Heller, for showing their confidence in TASE UP and in the Israeli capital market."
Additional information on Veev is available on MAYA: https://maya.tase.co.il/company/1837?view=details
Head of Communication and Public Relations Unit
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SOURCE The Tel Aviv Stock Exchange Ltd.