FinTech: Construction Fintech Built Technologies Lands $125M In TCV-Led Round

September 30, 2021 | FinTech, News, Venture Capital
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Built also tripled its valuation to $1.5 billion.

Built Technologies, a fintech focused on construction finance, has raised $125 million in a round led by TCV with Brookfield Technology Partners, 9Yards Capital, HighSage Ventures and XYZ Venture Capital participating. Existing investors including Lee Fixel’s Addition, Fifth Wall and Index Ventures also chipped in.

“This funding will enable us to put gas on the fire of what’s working and add natural adjacencies,” said Chase Gilbert, chief executive officer, to Bloomberg.

“Adjacencies” might allude to the potential creation of a marketplace for construction-related spending including supplies, labor, materials, equipment and insurance.

Built is also mulling expanding into the UK and Australia. Currently, it operates in the US and Canada.

Construction solutions

Built’s platform provides cloud-based solutions for the construction industry including (for lending) construction loan administration software, risk management and analytics software, and support for borrowers. It also offers construction management software including payments and lien waivers, and inspection services.

Clients include construction lenders U.S. Bancorp, Fifth Third Bancorp and Regions Financial Corp.

Other clients include homebuilder companies D. R. Horton and Discovery Land, and property manager Laramar Group.

Built: Business is good

Built is staring at a lucrative market opportunity given that annual US construction spend is estimated at $1.6 trillion according to the US Census Bureau.

And business is picking up – “We’re starting to get a lot of traction, with $74 billion annually transacted through Built,” said Gilbert.

TCV gets board berth

TCV general partner Woody Marshall will join Built’s board.

“Construction is a massive industry that is still dominated by non-automated processes and we believe the valuation proposition is massive due to Built’s ease-of use,” said Marshall.

Related Story: Use Of AI To Monitor Construction Progress

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