Built raises $88mn in Series C funding to transform the future of construction finance

By Pavithra R

Built Technologies, powering smarter construction finance has announced securing $88mn in Series C funding led by Addition, Lee Fixel’s new fund. The firm has raised over $137 mn to date.

Built has also announced the joining of Fixel to its Board. He has previously backed startups including Flipkart, Peloton and SurveyMonkey. The investment round had material participation from fintech-focused Canapi Ventures and continued participation from Goldman Sachs Investment Partners, Nyca Partners, Fifth Wall Ventures, Index Ventures, and Nine Four Ventures. The round also saw participation from Additional investors including Jordan Park, Green Point Partners, Renegade Partners, and the Witkoff Group, along with other notable individuals such as Jackie Reses, Zander Lurie, Dan Goldsmith and Lowell Putnam. 

The FinTech will use the funding to expand its Built for Lending product suite and accelerate its go-to-market efforts to serve more banks and non-bank construction lenders throughout the United States and Canada. Additionally, the company is aggressively investing in the ways it serves commercial owners, homebuilders, developers and other construction companies within its Built for Construction division.

Built aims to improve the financial performance of the $14tn global construction industry with an emphasis on modernizing the movement of money amongst its key stakeholders. 

“The construction industry is reliant on capital to thrive, yet money movement and spending decisions are antiquated from start to finish. Modern construction finance requires new infrastructure altogether. The Built team is working hard to streamline construction lending and construction spending for all construction stakeholders. We’re very excited for the road ahead and to have continued support of world-class investors, but more importantly, we’re excited to work with our clients and partners to accelerate changing the way the world gets built,” said Chase Gilbert, co-founder and CEO of Built.

Since launching in 2015, Built has equipped key lending, construction and real estate stakeholders with better ways of conducting business with its technology. The FinTech’s Lender client list includes some of the U.S. and Canada’s largest construction lenders, including U.S Bank Housing Capital Company, Citizens Bank, Regions Bank, Fifth Third Bank, and Pinnacle Financial Partners. Its Developer, Homebuilder and Commercial Contractor client list include names like Lennar Multifamily Communities, 84 Lumber, PRG Group, Homebound, NPR and Genesis Homes.