July 13, 2024
nashvillebased built technologies 125m series businessjournal

Built Technologies (Built), the U.S. construction finance platform with the fastest rate of growth, said today that it has raised $125 million in Series D funding, valued at $1.5 billion. The Nashville-based company’s existing investors will be joined by lead investor TCV, Brookfield Technology Partners, 9Yards Capital, XYZ Venture Capital, and HighSage Ventures.

Despite receiving $1.58T in annual spending, the construction sector in the United States is one of the least digitally advanced. Built has developed over the past two years from initially serving financial institutions involved in construction lending to now also serving other players in the construction ecosystem. Built is focused on becoming the financial operating system of the construction industry and empowering all key stakeholders to be more successful. Lenders, property developers, home builders, and contractors now have access to solutions through the company’s cloud-based platform as various parties work together to complete projects and keep money moving to the right place as quickly as feasible.

  • The additional financing will be applied to the industry’s changing demands, such as:
  • significantly growing Built’s elite staff;
  • increasing the pace of new product delivery to financial institutions engaged in all forms of construction loans;
  • creating new products for contractors, home builders, and real estate developers as they work with their suppliers to pay or be paid with greater insights;
  • launching a brokerage for insurance and cutting-edge construction payment capabilities; and
  • more global expansion

“We have witnessed a substantial amount of demand from the investment community as a result of our continuous expansion and dedication to the construction sector and the capital sources sustaining it,” said Chase Gilbert, CEO of Built.

We are thrilled to use this investment from TCV and others to expand our capabilities and have a greater effect as a leading platform devoted to modernising money movement and enhancing financial results in the construction industry.

Built allows lenders to deploy cash into residential and commercial building projects more safely and effectively while integrating with their other core systems. Built enables the complete range of debt and equity funding at scale and gives lenders the strong business insights they need to run their operations and provide borrowers with a convenient experience.

Built is actively creating new solutions for business and residential owners, developers, and construction industry experts, including compliance tracking, AP/AR automation tools, payment administration, and insurance services.

According to Woody Marshall, principal investor at TCV and the newest member of Built’s board, “Built has achieved broad market penetration in the notoriously difficult construction financing industry, since they are addressing important unmet requirements in the market.” “TCV partners with aspirant category leaders, and we are certain that Built will join other cutting-edge businesses that have upended significant categories.”

Over 200,000 commercial, homebuilder, land development, and consumer residential projects totaling over $135 billion in construction value have been managed using Built’s platform since its introduction in 2015.

About built

Built is the top supplier of technology for building financing. In order to facilitate the flow of finance across the construction ecosystem, Built links commercial and consumer construction lenders, real estate developers, commercial general contractors, residential homebuilders, specialty contractors, title companies, and other essential industry vendors.