Nashville now has a unicorn.
Built Technologies, a construction financial technology company, announced a fourth round of funding today totaling $125 million, and that the company is valued at $1.5 billion.
A private startup is considered a unicorn when it achieves a valuation above $1 billion.
Lead investor TCV, along with Brookfield Technology Partners, 9Yards Capital, XYZ Venture Capital, and HighSage Ventures, join existing investors in the Nashville-based company. The $125 million raised in Series D funding brings the total raised in four rounds to $265 million.
Founded in 2015, Built has evolved over the past two years from serving financial institutions active in construction lending to serving a broader construction industry clientele. Its cloud-based platform now serves lenders, property developers, home builders, and contractors as they collaborate on projects.
“As a result of our continued growth and commitment to the construction industry and the capital providers fueling it, we have experienced a significant amount of demand from the investor community,” Built CEO Chase Gilbert said. “As a leading platform focused on modernizing money movement and improving financial outcomes in construction, we are excited to use this investment from TCV and others to extend our capabilities and drive an even bigger impact.”
Built said the new funding will be used to increase hiring; accelerate delivery of new products for financial institutions active in construction lending; design new products that property developers, home builders, and contractors can use to collaborate; launch next-generation construction-payment capabilities and an insurance brokerage, and additional global expansion.
“Built has achieved broad market penetration in the notoriously tough construction finance space, because they are answering critical unmet needs in the market,” said Woody Marshall, lead investor at TCV and Built’s newest board member. “TCV partners with aspiring category leaders, and we are confident that Built will take its place among other innovative companies who have disrupted major markets.”
TCV, with locations in Menlo Park, Calif., New York, and London, was founded in 1995 and has invested more than $16 billion in over 350 companies.
Since launching in 2015, Built’s platform has been used to manage the financing of over $135 billion in construction value, spanning more than 200,000 commercial, homebuilder, land development and consumer residential projects.
Its new funding partners join other investors, including Lee Fixel’s Addition, Index Ventures, Canapi Ventures, GreenPoint Partners, Nine Four Ventures, Fifth Wall, Goldman Sachs, and Nyca Partners as well as individual investors.
