Built, a Nashville-based fintech startup focused on the construction industry, earned a valuation of $ 1.5 billion.
The company has more than tripled its valuation after the last fundraiser, where it raised $ 125 million, according to Bloomberg. The outlet reported that investors in the latest round of funding include Brookfield Technology Partners, 9Yards Capital, XYZ Venture Capital and HighSage Ventures.
TCV led the round. Woody Marshall, general partner of the private equity firm, joins Built’s board of directors.
Chase GIlbert, CEO of Built, told Bloomberg that $ 74 billion is traded annually through the company, which counts lenders US Bancorp and Fifth Third Bancorp among its customers. Built was founded in 2014.
The company provides technology that helps the construction loan industry. With the latest fundraising in hand, Built plans to expand into other industries, leveraging its technology to facilitate spending on supplies, labor, insurance, equipment and materials, among other areas of business. potential growth. Bloomberg reports that a market could also be in the future for Built.
Built currently operates in the United States and Canada, but Gilbert told the store the company may consider expanding to Australia and the United Kingdom as early as next year.
The construction industry is massive; the US Census Bureau reports that $ 1.6 trillion is spent in industry each year. Many processes in the industry remain non-automated, leading a number of startups to try to automate the processes and make them more efficient.
Built’s funding gain comes after the pandemic disrupted building materials markets, highlighting the sector’s room for innovation and improvement. In August, construction tech startup Agora raised $ 33 million in a Series B funding round after tripling staff and increasing revenue eightfold in one year.
[Bloomberg] – Holden Walter Warner