September 30, 2021 09:00 AM Eastern Daylight Time
NASHVILLE, Tenn.–(BUSINESS WIRE)–Built Technologies (Built), the fastest growing construction finance platform in the U.S., today 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.
$1.58T is spent annually in the U.S. construction industry yet it is one of the least digitized industries in the world. Focused on becoming the financial operating system of the construction industry and empowering all key stakeholders to be more successful, Built has evolved from initially serving financial institutions active in construction lending to also serving other players in the construction ecosystem over the past two years. The company’s cloud-based platform now offers solutions 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 world-class team;
- 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,” said Chase Gilbert, CEO at Built. “As a leading platform focused on modernizing money movement and improving financial outcomes in construction, we are excited to use this investment from TCV and others to extend our capabilities and drive an even bigger impact.”
With Built, lenders can more safely and efficiently deploy capital into commercial and residential construction projects, and seamlessly integrate with their other core systems. Built supports the full breadth of debt and equity funding at scale while providing lenders with powerful 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,” said 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.
Built is the leading provider of construction finance technology. Built connects commercial and consumer construction lenders, property developers, commercial general contractors, residential homebuilders, specialty contractors, title companies, and other critical industry vendors 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 Built platform helps mitigate risk, power faster draws and payments, ensure compliance, and inspire customer loyalty. Built is used by more than 150 of the leading U.S. & Canadian construction lenders and thousands of developers and contractors. For more information, visit www.getbuilt.com.
Founded in 1995, TCV was established with a clear vision: to capture opportunities in the technology market through a specialized and consistent focus on investing in high-growth companies. Since inception, the firm has built a track record of successfully backing private and public businesses that have developed into dominant industry players across internet, software, FinTech, and enterprise IT. TCV has invested over $16 billion to date, including $3 billion in fintech. TCV has helped guide CEOs through more than 135 IPOs and strategic acquisitions. TCV has invested in cutting edge technology companies including Airbnb, Brex, Klarna, Mambu, Mollie, Netflix, Payoneer, Peloton, Revolut, Trade Republic, Spotify, Wealthsimple, and more. TCV has successfully executed over 350 investments of varying structures, including mid-stage, late stage and public company investments, and has offices in Menlo Park, New York, and London. For more information about TCV, including a complete list of TCV investments, visit tcv.com.