Built Technologies, which helps construction companies in the US access loans, has hit a $1.5bn valuation after it closed its Series D on $125m.
TCV served as the lead investor, with commitments also coming from Brookfield Technology Partners, 9Yards Capital, XYZ Venture Capital and HighSage Ventures.
With the support of the funding, the FinTech company hopes to hire more staff, launch the next generation of construction payment capabilities, release insurance and brokerage tools and bolster its international expansion.
Furthermore, Built Technologies will create new products for property developers, home builders, contractors and financial institutions.
Built is a construction lending provider, which helps connect commercial and residential construction projects with other industry players. Its lending software can also integrate with a lender’s core systems to seamlessly offer loans to customers
In addition to lending, the platform offers compliance tracking, AP/AR automation tools, payment management and insurance services.
Since it launched in 2015, Built has helped finance more than $135bn in construction value that spans over 200,000 commercial, homebuilder, land development and consumer residential projects.
Built CEO Chase Gilbert said, “As a result of our continued growth and commitment to the construction industry and the capital providers fuelling it, we have experienced a significant amount of demand from the investor community.
“As a leading platform focused on modernizing money movement and improving financial outcomes in construction, we are excited to use this investment from TCV and others to extend our capabilities and drive an even bigger impact.”
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