Fintech construction company Built Technologies announced it raised $31 million its Series B financing round.
The round, which brings Built’s total funding to $55 million, was led by a big name in capital: Goldman Sachs Investment Partners. The round also featured existing investors Index Ventures and Nyca Partners, as well as Regions Bank, Canapi Ventures and Nine Four Ventures.
“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.”
With this round of funding, Built said that it will accelerate platform development and continue to expand its client success organization.
According to a press release, Built has tripled its customer base since 2017 and its platform has helped lenders service more than $24 billion of construction loans since it launched in 2015. The company raised $21 million in its Series A funding round in 2017.
“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, which was a 2019 HW Tech100 winner. “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.”
