Built Technologies, a provider of construction and real estate finance technology, has received strategic funding from Citi.
The capital came from Citi SPRINT, a division of Citi that is focused on incubating FinTech companies that offer strategic relevance and next-generation solutions for the financial markets.
With the funds, Built Technologies hopes to accelerate its growth within commercial real estate asset management, as well as make operational and technological enhancements. Through Built Technologies’ platform, Citi will have the ability to introduce digitisation solutions to other lenders, developers and borrowers in the ecosystem.
Built Technologies offers a software platform that streamlines the construction loan administration process by simplifying the management of funds and documentation, allowing lenders to administer their construction loans more efficiently. Its technology enables faster funding decisions and draws, as well as providing real-time visibility into the status of construction projects.
Over 250 banks and private capital providers leverage Built Technologies’ cloud-based solution to create a centralised system of record and accelerate the flow of capital from lenders to borrowers, contractors and vendors.
Built CEO and co-founder Chase Gilbert said, “The investment from Citi SPRINT opens a new market opportunity for Built to gain traction with one of the largest U.S. financial institutions in the real estate industry.
“Citi SPRINT’s investment is a testament to Built’s vision, and the value Built delivers to its customers. The investment presents a unique opportunity, and one that will further accelerate our market reach.”
Citi head of global spread products Mickey Bhatia added, “GSP consistently seeks to drive value and enhance our client experience through innovative digitalization efforts with industry-leading software providers.
“Our investment in Built Technologies extends this commitment by helping to further modernise our Financing and Securitization franchise. With this partnership, we seek to cultivate higher standards of service for our clients and the broader market.”
Built Technologies previously raised $125m for its Series D round in 2021. The investment put its valuation at $1.5bn.
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