Philadelphia investment house LL Funds has led a $60m Series A round for fintech startup Billd, which is aiming to revolutionise payments in the construction industry.
Billd’s products allow construction suppliers to offer customers a financing and payment solution to purchase materials upfront and pay for it over time.
The company says that generally, construction suppliers provide 30-day terms to contractors to purchase materials, despite it taking contractors 60 to 90 days to receive payment for their work.
Billd looks to get contractors 120-day terms to avoid this gap in cash flow with simple, flexible and transparent finance products.
Company CEO Chris Doyle said, “The construction industry is known for inefficient supply chain financing across all major sectors, and subcontractors and suppliers are the last in line.
“Billd provides subcontractors solutions so they can take that extra project, grow their business, and simplify their process while also giving suppliers more payment options to share with their customers.”
LL Funds partner Shivraj Mundy, who will join Billd as executive chairman, added, “LL Funds focuses on asymmetrical investment opportunities where we can combine our extensive experience in lending, capital markets and risk management with disruptive business approaches, especially in industries as large as the US construction sector.
“We are excited about this opportunity to significantly improve supply-chain financing in the construction sector.”
LL Funds manages over?$1bn?of institutional and individual investor capital.
Late last year the firm agreed to become an anchor investor in sustainable agriculture, energy and waste project private equity player Ultra Capital.
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