Built Technologies, the U.S. platform for construction finance with the highest growth rate, announced today that it raised $125m in Series D funding valued at $1.5billion. TCV, Brookfield Technology Partners and XYZ Venture Capital will join the existing investors of Nashville-based Built Technologies.
The United States’ construction industry is among the most digitally challenged, despite receiving $1.58T annually in spending. Built has grown over the last two years, from serving financial institutions involved with construction lending to now serving other stakeholders in the construction industry. Built’s mission is to become the financial operating system for the construction industry, empowering all stakeholders and helping them be more successful. Built’s cloud-based platform allows lenders, home builders, contractors, and property developers to access solutions. This allows all parties to work together and get money to where it is needed.
Additional financing will be used to meet the changing needs of the industry, such as:
Significantly increasing Built’s elite workforce;
Increasing the speed of product delivery to financial institutions involved in all types of construction loans.
As contractors, real estate developers, and home builders work together with their suppliers, they can create new products.
Launching a brokerage to offer insurance and cutting-edge payment options for construction;
More global expansion
Chase Gilbert, CEO of Built, stated that there has been a significant increase in demand from investors due to Built’s continued expansion and dedication towards the construction sector and capital sources.
We are delighted to make use of this investment from TCV, and other investors, to increase our capabilities and have greater impact as a leader platform dedicated to modernizing money movement and improving financial results in construction.
Built allows lenders to more efficiently and safely deploy cash into residential or commercial building projects. It also integrates with their core systems. Built allows for the full range of equity and debt funding at scale. It gives lenders the solid business insight they need to manage their operations and provides borrowers with an easy experience.
Built is constantly developing new solutions for residential and business owners, developers, builders, and industry professionals, such as compliance tracking, AP/AR automation tools and payment administration and insurance services.
Woody Marshall, principal investor in TCV and the newest member to Built’s board said that Built has achieved wide market penetration in the notoriously challenging construction financing industry because they address important unmet needs in the market. “TCV partners aspirant category leaders and we are certain that Built joins other cutting-edge businesses which have upended significant sectors.”
Built’s platform has been used to manage over 200,000 residential, commercial, and land-development projects, totaling more than $135 billion, since its inception in 2015.
