At the intersection of fintech and the construction industry, Built’s cloud-based platform is transforming construction lending and construction spending
Nashville, Tennessee (February 4, 2020) Built Technologies, a Nashville-based fintech company and leader in construction finance software and construction payment technology, has closed an $88 million Series C funding. Built will use the funds to expand its Built for Lending product suite and accelerate its go-to-market efforts to serve more bank and non-bank construction lenders throughout the U.S. and Canada. Additionally, the company is aggressively investing in the ways it serves commercial owners, developers, homebuilders and other construction companies within its Built for Construction division.
The Series C was led by Addition, Lee Fixel’s new fund. Fixel, who will also be joining Built’s board, has previously backed startups including Flipkart, Peloton and SurveyMonkey. The round had material participation from fintech-focused Canapi Ventures and continued participation from Index Ventures, Goldman Sachs Investment Partners, Nyca Partners, Fifth Wall Ventures and Nine Four Ventures. Additional investors joining the round include Jordan Park, Renegade Partners, Green Point Partners and the Witkoff Group, along with some notable individuals such as Jackie Reses, Zander Lurie, Dan Goldsmith and Lowell Putnam. Built has raised over $137 million to date.
Built is focused on improving the financial performance of the $14 trillion global construction industry with an emphasis on modernizing the movement of money amongst its key stakeholders. Software, payments, B2B marketplace and data solutions are the “tools” used to serve the various stakeholders in this complex ecosystem.
Since launching in 2015, Built has equipped key lending, construction and real estate stakeholders with better ways of conducting business with its technology. During this time, Built's platform has been used to manage the financing of over $68 billion worth of construction projects, spanning more than 130,000 commercial, homebuilder, land development and consumer residential projects. Its Lender client list includes some of the U.S. and Canada’s largest construction lenders, including U.S Bank Housing Capital Company, Fifth Third Bank, Citizens Bank, Regions Bank and Pinnacle Financial Partners. Its Developer, Homebuilder and Commercial Contractor client list includes names like Lennar Multifamily Communities, 84 Lumber, PRG Group, Homebound, NRP and Genesis Homes.
“The construction industry is reliant on capital to thrive, yet money movement and spending decisions are antiquated from start to finish,” said Chase Gilbert, co-founder and CEO of Built. “Modern construction finance requires new infrastructure altogether. The Built team is working hard to streamline construction lending and construction spending for all construction stakeholders. We’re very excited for the road ahead and to have continued support of world-class investors, but more importantly we’re excited to work with our clients and partners to accelerate changing the way the world gets built.”
Built is the leading provider of construction finance technology. Built connects commercial and consumer construction lenders, commercial real estate developers, commercial general contractors, residential homebuilders, specialty contractors, title companies, and other critical industry participants to improve the flow of capital through the construction ecosystem. By connecting all key stakeholders involved in the construction financing process in real-time, the platform mitigates risk, powers faster draws and payments, ensures compliance, and inspires customer loyalty. Built is used by more than 125 of the leading construction lenders and thousands of owners and contractors to manage over $68 billion of annual construction spend. For more information, visit www.getbuilt.com.