Nashville, TN-based Built Technologies, an online lender to the construction industry, closed a $21 million series A investment led by global venture capital firm Index Ventures, with participation from New York-based Nyca Partners.
The new series A brings the total capital raised to date by the company to $25 million.
“Built was born out of our own first-hand frustration of managing construction loans and a complete belief that it could be done better with technology,” said Chase Gilbert, CEO and co-founder at Built.
Built’s software streamlines the collateral monitoring and draw process associated with servicing construction loans – a process widely recognized as cumbersome, costly and fraught with risk. By digitizing the process, lenders can now use data to make more informed decisions on their loans and simultaneously provide their borrowers a convenient, digital experience with faster access to money to push projects forward.
Founded in 2014, Built has grown rapidly. Since January 2016, the company more than tripled its customer base of banks and other non-bank lenders of all sizes across the U.S. In the 30 months since going live, lenders used Built’s platform to manage more than $6.5 billion of construction loan volume. And in 2017, the company doubled in size to more than 30 people.
“Built is poised to completely transform construction lending,” said Mark Goldberg, investor at Index Ventures. “This is a massive industry that has been bogged down by cumbersome, pen-and-paper-based processes. With their software platform, Built is making construction lending faster and safer. We’re excited to partner with them to bring construction lending into the 21st century.”
With the new capital, Built plans to accelerate innovation across both residential and commercial construction lending, as well as invest heavily in data utilization. This capital will also allow for continued investment in integrations and partnerships with other lending technology systems and leading industry service providers.
Index Ventures is a San Francisco and London-based international venture capital firm that helps the most ambitious entrepreneurs turn bold ideas into transformative global businesses.
Nyca Partners is a venture capital firm exclusively focused on applying innovation in financial services into the global financial system.