Built Technologies raises $ 125 million for construction financing

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Built Technologies, a fintech start-up based in Nashville, Tennessee, has just raised $ 125 million to expand its services in the construction finance industry. The company, which specializes in construction loan underwriting and management software for major lenders, has reached considerable heights since its inception in 2015 and is now valued at $ 1.5 billion after this latest round of financing.

Over the past six years, Built has helped manage and organize more than $ 135 billion in construction value for lenders for more than 200,000 commercial projects, home construction, land development and large residences. public. And this new round of funding means it can do even more.

Build and build

Series D funding was led by investor TCV, with additional participation from venture capital firms Brookfield Technology Partners, 9Yards Capital, XYZ Venture Capital and HighSage Ventures. The money raised will help expand the company’s team, as well as increase its revenue for its financial partners, which at the moment is mainly the digitization of debt and equity financing for real estate construction. .

In addition, the company plans to expand its current product offerings, offering new software solutions for home builders and contractors, such as compliance monitoring, AP / AR automation tools, management of payments and insurance services.

Paving the way for real estate construction

In 2021, the construction industry spent $ 1.58 trillion through August. While construction is a massive industry, it has generally been notoriously slow to adapt to technological advancements. The pandemic has undeniably helped move the real estate industry, including finance and construction, rapidly into the 21st century with things like digital closings, virtual notaries, electronic signatures, and project management and closure systems. digitized, but there is still a huge market share that is not being served.

This is why start-ups like Built Technologies, among other start-ups like Avvir and Workrise, receive major financial support to help them grow, develop and innovate. Construction companies in particular have had to contend with supply chain disruptions, rising inflation and labor shortages, all of which impact their bottom line and the timing of projects. It also makes it difficult for financial institutions to monitor projects or underwrite potential projects.

Millionacres net profit

Built cannot remove obstacles in today’s economy, but its systems can certainly improve the process of managing and tracking these issues in the construction industry. Reputable banks including Live Oak, Regions and US Bank have partnered with Built Technologies to improve their lending systems in this area, and it is likely that others will continue to follow suit as the company continues to do so. find ways to better serve the needs of the industry.

Currently, Built Technologies is privately held, which means investors are not able to participate or invest in it directly. There is no indication yet that it is made public, but given its achievements so far, it is not ruled out for the future.

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