Nashville-based Built Technologies, a lending software for construction projects, closed a $88 million Series C funding round this week.
The round included several big names in the VC community, including Lee Fixel’s new fund Addition.
Fixel will also be joining Built’s board, according to a press statement.
Additional participation in the round included Wilmington, North Carolina-based Canapi Ventures, Index Ventures, Goldman Sachs Investment Partners, Nyca Partners, Fifth Wall Ventures, Nine Four Ventures, Jordan Park, Renegade Partners, Green Point Partners, Witkoff Group, and individual investors Jackie Reses, Zander Lurie, Dan Goldsmith, and Lowell Putnam.
Built has raised $137 million to date, including a Series B led by Goldman Sachs Investment Partners.
Built’s suite of software tools are designed specifically for lenders and contractors.
Built’s CEO Chase Gilbert told Hypepotamus that the financials surrounding large-scale construction are very different from other building-related projects, as ending staff, borrowers, builders, contractors, draw inspection vendors, architects, and title companies have to coordinate. “With a construction loan, the borrower must create a budget sufficient to build the asset, and the lender in some ways must predict the future of whether it can actually be built with that amount of money, time, and with the contractors slated to complete the work. This is easier said than done,” said Gilbert.
“Once the borrower and project are underwritten, if a construction loan is approved, the lender will then hold back the proceeds of the loan and instead fund the borrower as they complete the work. This is their way of ensuring that every dollar goes into the collateral backing their loan. At Built we are digitizing this entire process to the benefit of everyone involved. With a modern, data-driven platform that connects all the key stakeholders, we’re able to drive efficiency, reduce risk, accelerate decisions and improve the overall experience.”
Building Up Music City
Since its founding in 2014, Built has been one of the fast-growing startups in the city’s software space.
“While Nashville is known nationally as “Music City,” it is quickly emerging as a prominent technology hub,” Gilbert told Hypepotamus. “With many other technology companies, even giants like Amazon, relocating to and starting in Nashville, it is no longer necessary to hail from Silicon Valley to be real contenders in this space. Nashville remains a hub for creativity and expression—which extends even through technology. Built is poised to be competing in a market that is just getting started, fueling growth and innovation.”