Investment to Help Accelerate Company’s Mission to Reshape Construction Lending Ecosystem.
Built Technologies, a leading FinTech company propelling construction lending into the digital age, today announced it has completed its Series B financing round of $31 million led by Goldman Sachs Investment Partners. The round included existing investors Index Ventures and Nyca Partners, as well as Regions Bank, Canapi Ventures and Nine Four Ventures, and brings Built’s total funding to $55 million.
Founded in 2014, Built has been on a rapid growth trajectory. Since 2017, the company has tripled its customer base, which includes a number of leading banks and other key non-bank construction lenders. The platform has helped lenders service more than $24 billion of construction loans since its launch in 2015.
“We started Built with the desire to bring modern technology and risk management to an area of lending that has been underserved for too long,” said Chase Gilbert, CEO and co-founder at Built. “Our platform is now used by thousands of stakeholders in the construction ecosystem to help ensure money moves into projects with less risk, maximum efficiency, and unrivaled borrower and builder experience.”
“Built’s technology platform has demonstrated a strong value proposition to borrowers and lenders alike by streamlining the overall construction loan process, while at the same time increasing transparency,” said Christopher Dawe, co-head of Goldman Sachs Investment Partners Venture Capital and Growth Equity team. “We are excited to partner with Built and help the company maintain its leadership position within the industry.”
“Built’s technology delivers an enhanced customer experience for borrowers and provides a more efficient and effective process for lenders that have historically relied on manual processes for construction lending,” said Jamie Gregory, Head of Corporate Financial Strategy at Regions. “We have already experienced positive results in our early pilots integrating Built technology and are excited about expanding it to other areas of construction lending within Regions.”
With this round of funding, Built plans to accelerate development of its platform to better serve the entirety of the construction lending ecosystem. Built also plans to continue to expand its client success organization to help push the entire construction finance industry forward.
Source: Getbuilt.com
