Built Technologies Announces $ 125 Million Series D Funding Led by New Investor TCV | Business
NASHVILLE, Tennessee – (BUSINESS WIRE) – Sep 30, 2021–
Technologies built (Built), the fastest growing construction finance platform in the United States, today announced $ 125 million in Series D financing 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.
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Built Technologies is based in Nashville, TN. Source: Built technologies
1.58 T dollars are spent annually in the construction industry in the United States, but 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 moved from the initial service of financial institutions active in lending to the construction serving other players in the construction ecosystem over the past two years. The company’s cloud-based platform now offers solutions to lenders, real estate developers, home builders and contractors as these parties work together to build projects and get capital flowing to the right one. destination as quickly as possible.
The new funding will be used to meet the changing needs of the industry, including:
- Dramatically expand Built’s world-class team;
- Accelerate the delivery of new products for financial institutions active in all types of construction loans;
- Design new products for real estate developers, home builders and contractors who work with their suppliers to pay or get paid with better information;
- Launch new generation construction payment capabilities as well as an insurance brokerage company; and,
- Continued international expansion.
“As a result of our continued growth and commitment to the construction industry and the capital providers that fuel it, we have encountered significant demand from the investment community,” said Chase Gilbert, CEO of Built. “As a leading platform focused on modernizing money flow and improving financial results in construction, we are excited to use this investment from TCV and others to expand our capabilities and generate an even greater impact. “
With Built, lenders can more securely and efficiently deploy capital in commercial and residential construction projects, and integrate seamlessly with their other core systems. Built supports the full spectrum of large-scale debt and equity financing while providing lenders with the powerful information they need to run their businesses and give borrowers hands-on experience.
For commercial and residential owners, developers and construction professionals, Built is actively developing new solutions, such as compliance monitoring, AP / AR automation tools, payment management and insurance services. .
“Built has achieved wide market penetration in the notoriously difficult construction finance space as they address critical unmet needs in the market,” said Woody Marshall, Principal Investor at TCV and new board member of administration of Built. “TCV is partnering with budding category leaders, and we are confident that Built will take its place among other innovative companies that have disrupted major markets. “
Since launching in 2015, Built’s platform has been used to manage financing of more than $ 135 billion in construction value, covering more than 200,000 commercial projects, home construction, land development and of housing for the general public.
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, real estate developers, commercial general contractors, residential home builders, specialty contractors, securities companies and other critical industry suppliers to improve the flow of capital in the construction ecosystem. By connecting all key stakeholders involved in the construction finance process in real time, the Built platform helps mitigate risk, accelerate debits and payments, ensure compliance and retain customers. Built is used by more than 150 of the major US and 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 seize opportunities in the technology market through a specialized and consistent focus on investing in high growth companies. Since its inception, the company has built a solid reputation for successfully supporting private and public companies that have become dominant industry players in the areas of Internet, Software, FinTech and IT. business computing. 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, etc. TCV has successfully executed over 350 investments from different structures, including mid-term, late-stage and public enterprise investments, and has offices in Menlo Park, New York and London. For more information on TCV, including a full list of TCV investments, visit tcv.com.
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KEYWORD: UNITED STATES NORTH AMERICA CANADA TENNESSEE
INDUSTRY KEYWORD: COMMERCIAL BUILDING AND REAL ESTATE TECHNOLOGY CONSTRUCTION AND REAL ESTATE INSURANCE FINANCE PROFESSIONAL SERVICES SOFTWARE OTHER CONSTRUCTION AND REAL ESTATE RESIDENTIAL AND REAL ESTATE BUILDING OTHER PROFESSIONAL SERVICES
SOURCE: Built technologies
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PUB: 09/30/2021 9:00 a.m. / DISC: 09/30/2021 9:02 a.m.