The Nashville, Tenn.-based construction lending software provider raised $21 million in funding, led by venture capital firm Index Ventures with participation from fintech-focused Nyca Partners. Following the funding round, Built has so far raised $25 million in capital.
“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,” Built CEO and co-founder Chase Gilbert said. “This investment is very exciting because of what it means to our clients, the entire construction lending industry, and all the affected stakeholders. This is an area of lending that has been underserved for far too long and we know we can change the way the world gets built by making it easier for capital to get safely deployed.”
Built’s software addresses the collateral monitoring and draw process related to the servicing of construction loans. Founded in 2014, the company has since grown its customer base to include banks and other non-bank lenders of all sizes across the US. Its platform has seen lenders manage more than $6.5 billion in construction loan volume.
“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.”
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Built has announced plans to invest in data utilization as well as in integrations and partnerships with other lending technology systems and leading industry service providers after it completed its series A financing.