Multi-year HousingWire Tech100 winner Built Technologies, a construction finance software and construction payment technology company, closed an $88 million Series C funding round.
Built announced it plans to use the funding to expand its Built for Lending product suite, as well as to accelerate its efforts to serve more bank and nonbank lenders in the U.S. and Canada. Additionally, the company is aggressively investing in the ways it serves commercial owners, developers, homebuilders and other construction companies within its Built for Construction division.
The Series C was led by Addition, venture capitalist and investor Lee Fixel’s new fund. Fixel, who will also be joining Built’s board, has previously backed startups including Flipkart, Peloton and SurveyMonkey. The round had material participation from fintech-focused Canapi Ventures and continued participation from Index Ventures, Goldman Sachs Investment Partners, Nyca Partners, Fifth Wall Ventures and Nine Four Ventures. Additional investors joining the round include Jordan Park, Renegade Partners, Green Point Partners and the Witkoff Group, along with some notable individuals such as Jackie Reses, Zander Lurie, Dan Goldsmith and Lowell Putnam.
This funding round came in significantly higher than its Series B funding round of $31 million, which was led by Goldman Sachs. It brings Built’s total capital raised to more than $137 million to date.
“The construction industry is reliant on capital to thrive, yet money movement and spending decisions are antiquated from start to finish,” Built co-founder and CEO Chase Gilbert said. “Modern construction finance requires new infrastructure altogether. The Built team is working hard to streamline construction lending and construction spending for all construction stakeholders.”
Last year, Built acquired lienwaivers.io, a provider of lien waiver management and payment solutions for commercial and residential construction. With this acquisition, Built stated that it became first construction finance platform to provide solutions for all key stakeholders involved in the construction finance process, starting from the lender, down to the supplier.