Built Technologies nets $88m in its Series C round

Built Technologies has netted $88m in its Series C round to support the expansion of its product suite.

Addition served as the lead investor, with contributions also coming from return investors Canapi Ventures Index Ventures, Goldman Sachs Investment Partners, Nyca Partners, Fifth Wall Ventures and Nine Four Ventures.

Other backers included Jordan Park, Renegade Partners, Green Point Partners, the Witkoff Group.

The capital injection will be used to expand is Built for Lending product suite and accelerate its go-to-market efforts to serve more bank and non-bank construction lenders across the US and Canada. Furthermore, the company will continue to serve its customers.

Built, which launched in 2015, offers construction finance technology that connects commercial and consumer construction lenders, commercial real estate developers, commercial general contractors, residential homebuilders, specialty contractors, title companies and other participants.

The company offers a cloud-based technology to administer documentation, simplify payments and support the whole lending process.

Built co-founder and CEO Chase Gilbert said, “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.”

The company has raised more than $137m in funding.

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