FinTech: Construction Fintech Built Technologies Lands $125M In TCV-Led Round
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.
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
Latest Alternative Investment News
Russia’s crypto mining industry is in expansion mode after China’s clampdown on its crypto miners. Also wanting to join the party are Russian oil and gas companies that flare, or…
Rossum offers an end-to-end AI document processing solution that combines its cognitive data capture platform with a full suite of integration capabilities to automate document-based communications between diverse businesses. The…
Alternative Investments/ESG: New York Life Floats ETFs For Gender Equality, Clean Oceans, Cleaner Transport
The three thematic ETFs meet investor demand for ESG approaches. IndexIQ, the New York Life Investments company, announced Wednesday the launch of three new ETFs. The IQ Engender Equality ETF…
Volante Capital, a provider of cloud payment services and financial messaging, announced Wednesday an investment of $10 million by Wells Fargo Strategic Capital. Wells Fargo joins Wavecrest Growth Partners, BNY…