Built Technologies, a construction company based in Tennessee state, has lately increased its valuation to 1.5 billion dollars. All credits to growth equity firm TCV’s allocation of 125 million dollars in funding.
Built Technologies is the main provider of construction finance technology. It ties commercial and consumer construction lenders, general commercial contractors, specialty contractors, and many. By connecting all the major stockholders engaged in the construction finance procedure in real-time, the company aids in mitigating risk, controlling quicker draws and payments, encouraging consumer loyalty, and ensure compliance.
As well, it has utilized over 150 of the prime US and Canadian construction lenders and several contractors and developers.
On Thursday, Built Technologies announced this news. The company at the moment handles over 135 billion dollars in its construction portfolio. It will make use of its newest finds to extend its business in the domain of financial technology. The latest TVC fund will be funneled into materials, labor, supplies, and insurance.
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The company is also concentrating on extending its workforce and launching new construction products. The founder of the company, Chase Gilbert, said that we are beginning to receive lots of traction, with 74 billion dollars yearly transacted through Built Technologies. Chase Gilbert, along with Andrew Sohr, said that this huge funding would allow us to put gas on the fire of what is functioning and add natural adjacencies.
Built is also investing in the ways it helps commercial vendors, homebuilders, and other construction firms in its Built for Construction division. Lee Fixel, who’ll be joining the board of the company, also has earlier supported many companies, counting Peloton, SurveyMonkey, and Flipkart.
The round comprises material partaking from FinTech-centred Canapi Ventures and carried on partaking from Goldman Sachs Investment Partners, Fifth Wall Ventures, Index Ventures, Nine Four Ventures, and Nyca Partners. Jordan Park, Green Point Partners, Witkoff Group, and Renegade Partners are other investors joining the round.
The construction company is centered on enhancing the fiscal performance of the 14 trillion dollars’ global construction space, stressing tailoring money movement amongst its major investors. B2B market, payments, data solutions, and software serve the numerous investors within this complicated system.
Built has equipped major construction, real estate, and lending shareholders since it was launched in the year 2015. Throughout this time, the company’s platform has been utilized to deal with financing more than 68 billion dollars of construction projects covering over 130000 homebuilders, commercial, consumer residential, and land development ventures.
Chase Gilbert also said that the construction domain depends on investment to flourish; still, money movement and spending decisions are old-fashioned from beginning to end. Built is dedicatedly working to streamline construction lending and construction spending for every construction investor.
They are very excited for the future and to have the constant backing of world-class investors. Primarily, they are excited to work for the consumers and partners to speed up changing the ways of construction.
About TCV’s Role
The part of TCV at Built Technologies won’t halt with only funding, as Woody Marshall, TCV General Partner, has joined the board of the company. Wood mentioned in his statement that Built Technologies will take its position among other pioneering businesses that have interrupted key markets in answering unmet market necessities.
TCV was founded in 1995 with a vision to seize opportunities in the technology market via a specialized and constant focus on investing in high-growth businesses. Since its inception, the company has created a track record of successfully supporting private and public companies that have advanced into leading business players across the internet, FinTech, etc.
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The company has already invested more than 16 billion dollars so far, in addition to 3 billion dollars in FinTech. Also, it has assisted in guiding CEOs via more than 135 IPOs and tactical purchases.
Mambu, Revolt, Netflix, Spotify, Brex, Mollie, and Peloton are a few cutting-edge companies in which TCV has invested. TCV has fruitfully made more than 350 investments of fluctuating structures, in addition to late-stage, mid-stage, and public companies investments. The company has offices in various cities such as London, New York, and Menlo Park.
Alongside TCV, new investors 9Yards Capital, XYZ Venture Capital, Brookfield Technology Partners, and HighSage Ventures provide funds, too.