Built Technologies, the US-based operator of a construction-focused lending platform, closed a $31m series B round led by investment banking firm Goldman Sachs’ Investment Partners unit on Monday.
Financial services firm Regions Bank and Canapi, a financial technology-focused investment vehicle for banking group Live Oak Bancshares, also took part in the round, as did Index Ventures, Nyca Partners and Nine Four Ventures.
Founded in 2014, Built has created a software platform that helps lenders, borrowers, builders, developers and inspectors manage construction loans. It has helped commercial and consumer construction lenders service more than $24bn of loans since its launch.
The round increased the company’s overall funding to $55m, it said, and the cash will be to further develop its platform and to expand its client success organisation. It received $21m in a November 2017, series A round led by Index Ventures and backed by Nyca Partners.
Chase Gilbert, co-founder and chief executive of Built, said:
“Our platform is now used by thousands of stakeholders in the construction ecosystem to help ensure money moves into projects with less risk, maximum efficiency and unrivalled borrower and builder experience.”