Photo Credit: Built Technologies
Built Technologies, a Nashville, Tennessee-based construction lending software company, announced it has raised $31 million in Series B funding led by Goldman Sachs Investment Partners. Index Ventures and Nyca Partners also participated in this round along with Regions Bank, Canapi Ventures, and Nine Four Ventures. Including this round, Built has raised a total of $55 million.
Launched in 2014 by CEO Chase Gilbert and Director of Enterprise Accounts Andrew Sohr, Built Technologies has been growing at a rapid pace. And since 2017, Built has tripled its customer base — which includes a number of leading banks and other key non-bank construction lenders. So far, Built’s platform has helped lenders service over $24 billion of construction loans since launching 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 Gilbert. “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.”
With this round of funding, Built is planning to accelerate the development of its platform and better serve the entirety of the construction lending ecosystem. And Built is also planning to continue to expand its client success organization to help push the entire construction finance industry forward.
“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,” added Goldman Sachs Investment Partners Venture Capital and Growth Equity co-head Christopher Dawe. “We are excited to partner with Built and help the company maintain its leadership position within the industry.”
Regions’ Head of Corporate Financial Strategy Jamie Gregory pointed out that Built’s technology delivers an enhanced customer experience for borrowers. And Gregory also said that Built provides a more efficient and effective process for lenders that have historically relied on manual processes for construction lending. Regions has seen positive results in early pilots integrating Built’s technology and they are planning to expand it to other areas of construction lending within the company.
