Grassmere-based construction finance platform Built Technologies has closed a $125 million Series D funding round, which valued the company at $1.5 billion.
The latest round pushes the six-year-old company to more than $205 million in growth capital raised in 2021 alone. The capital will be used to “significantly expand” the workforce and geographical footprint of the company, accelerate product design and delivery as well as develop construction payment capabilities with an insurance brokerage.
According to a press release, these initiatives will expand on Built’s recent evolution to serve the broader construction ecosystem rather than solely financial institutions active in construction lending. The company’s platform currently offers services for lenders, property developers, home builders and contractors — having managed the financing of more than $135 billion in construction costs since its launch in 2015.
“As a result of our continued growth and commitment to the construction industry and the capital providers fueling it, we have experienced a significant amount of demand from the investor community,” Chase Gilbert, CEO at Built, said in the release. “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.”