Dive Brief:
- Construction finance platform Built Technologies, which has helped fund $68 billion worth of construction projects across 130,000 commercial, homebuilder, land development and consumer deals, has raised $88 million in a new funding round.
- Nashville, Tennessee-based Built announced its Series C funding round, led by Peloton and SurveyMonkey investor Lee Fixel. Other backers included fintech-focused Canapi Ventures, Index Ventures and Goldman Sachs Investment Partners, among others. Since its founding in 2015, Built has raised more than $137 million, according to a news release.
- “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, in a statement. “Modern construction finance requires new infrastructure altogether.”
Dive Insight:
The announcement comes as money continues to pour into the contech, proptech and fintech spaces, even as construction traditional financing and payment solutions often create hurdles for contractors, particularly smaller firms that work on large projects, and count on prompt payment to remain solvent.
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.
Gilbert said Built is working to "streamline construction lending and construction spending for all construction stakeholders.”
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, the company clamied. 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 spending.
The company’s 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, NPR and Genesis Homes, the firm said.
While Built has made significant inroads into the residential construction space for both homebuilders and homeowners, it’s also now targeting commercial owners, developers and construction companies within its “Built for Construction” division.
