Built Technologies Raises $21 Million Series A to Transform Construction Lending Industry

“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,” said Chase Gilbert, CEO and co-founder at Built. “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 streamlines the collateral monitoring and draw process associated with servicing construction loans - a process widely recognized as highly cumbersome, costly, and fraught with risk. By digitizing the process, lenders can now use data to make more informed decisions on their loans and simultaneously provide their borrowers a convenient, digital experience with faster access to money to push projects forward.

“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.”

With the new capital, Built plans to accelerate innovation across both residential and commercial construction lending, as well as invest heavily in data utilization. This capital will also allow for continued investment in integrations and partnerships with other lending technology systems and leading industry service providers.

“I think the best enterprise software ideas help a business solve a nettlesome problem, but as a result help a whole ecosystem solve a larger problem. Built saves a developer time and gets them their funding faster, but it also significantly reduces the cost and risk to a lender responsible for monitoring the project. We think this can materially improve how capital is managed in the $1.2 trillion domestic construction industry.” said Hans Morris, Managing Partner at Nyca Partners.

About Built

Built is the leading provider of secure, cloud-based construction lending software. Built's collaboration software brings the draw management process online and helps reduce construction loan risk, increases loan profitability, transforms the borrower experience, and simplifies compliance. Built serves small, regional, and national lenders coast-to-coast. To find out more visit getbuilt.com, join Built on LinkedIn or follow Built on Twitter at @BuiltTechnology.