Built Technologies, a construction finance platform, announced $125 million in Series D funding at a valuation of $1.5 billion.
Lead investor TCV, along with Brookfield Technology Partners, 9Yards Capital, XYZ Venture Capital and HighSage Ventures, will join existing investors in the Nashville-based company.
Built has gone from initially serving financial institutions active in construction lending to also serving other players in the construction industry over the past two years.
The company’s cloud-based platform now offers functionality to lenders, property developers, home builders and contractors as these parties collaborate to get projects built and keep capital flowing to the proper destination as quickly as possible.
The new funding will be used to meet the evolving needs of the industry including:
- Significantly expanding Built’s staff;
- Accelerating the delivery of new products for financial institutions that are active in all types of construction lending;
- Designing new products for property developers, home builders and contractors as they collaborate with their vendors to pay or get paid with better insights;
- Launching next generation construction payment capabilities along with an insurance brokerage; and,
- Further international expansion.
“As a result of our continued growth and commitment to the construction industry and the capital providers fueling it, we have experienced a significant amount of demand from the investor community,” says Chase Gilbert, CEO at Built.
With Built, lenders can more safely and efficiently deploy capital into commercial and residential construction projects, and integrate with their other core systems. Built supports debt and equity funding at scale while providing lenders with insights needed to manage their business and deliver borrowers a convenient experience.
For commercial and residential owners, developers, and construction professionals, Built is actively developing new solutions—like compliance tracking, AP/AR automation tools, payment management and insurance services.
“Built has achieved broad market penetration in the notoriously tough construction finance space, because they are answering critical unmet needs in the market,” says Woody Marshall, lead investor at TCV and Built’s newest board member. “TCV partners with aspiring category leaders, and we are confident that Built will take its place among other innovative companies who have disrupted major markets.”
Since launching in 2015, Built’s platform has been used to manage the financing of over $135 billion in construction value, spanning more than 200,000 commercial, homebuilder, land development and consumer residential projects.
Built’s new funding partners join existing investors including Lee Fixel’s Addition, Index Ventures, Canapi Ventures, GreenPoint Partners, Nine Four Ventures, Fifth Wall, Goldman Sachs, and Nyca Partners among other individual investors.
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