I’m excited to share today that Built has raised $88 million in Series C funding. This investment will fuel our continued pursuit of helping both construction lenders and those responsible for building the communities around us make better decisions and move money more seamlessly through the construction value chain.
This round was led by Addition, Lee Fixel’s new fund, alongside other new and existing investors that bring deep expertise in technology, financial services and all things real estate. We’re excited about what this means for the next stage of Built’s growth, but mostly excited about what this means for our customers and the industry as whole.
To a large degree, the way money flows downstream from capital providers to project owners and on down to contractors and suppliers hasn’t changed much in decades. Our team is committed to working with our customers to rethink this process from the ground up and building out the construction finance infrastructure of the future. We’re in the early innings of this journey, but it’s beyond rewarding to watch it come to life.
With this investment, we will continue to expand the ways we serve bank and non-bank construction lending customers within our Built for Lending division. With our customers and partners, we have a huge opportunity to better utilize data and introduce even more collaboration and automation as construction and renovation loans are underwritten and then administered.
Meanwhile, our Built for Construction division serves hundreds of real estate developers, homebuilders, general contractors, and specialty contractors that crave new ways of safely getting paid and paying others while having confidence in the data as they make important financial decisions. We see incredible opportunity to expand the ways we can help and will be announcing several new products and partnerships this year.
We’re looking forward to executing on our mission to improve the financial performance of the $14 trillion global construction industry and working with our customers and partners to change the way the world is built.
CEO of Built Technologies