Built, a Nashville-based fintech startup geared towards the construction industry, snagged a $1.5 billion valuation.
The company more than tripled its valuation after the latest fundraising round, where it raised $125 million, according to Bloomberg. The outlet reported investors in the latest funding round include Brookfield Technology Partners, 9Yards Capital, XYZ Venture Capital and HighSage Ventures.
TCV led the funding round. Woody Marshall, a general partner with the growth equity firm, is joining Built’s board.
Chase GIlbert, the CEO of Built, told Bloomberg $74 billion has been annually transacted through the company, which counts lenders U.S. Bancorp and Fifth Third Bancorp amongst its customer base. Built was founded back in 2014.
The company provides technology that aids the construction lending industry. With the latest round of fundraising in hand, Built plans to expand to other sectors, leveraging its technology to facilitate spending on supplies, labor, insurance, equipment and materials, among other potential growth areas. Bloomberg reports that a marketplace may be in Built’s future as well.
Built currently operates in the United States and Canada, but Gilbert told the outlet the company may look to expand to Australia and the United Kingdom as soon as next year.
The construction industry is massive; the U.S. Census Bureau reports that $1.6 trillion is spent in the industry annually. Many of the industry’s processes remain non-automated, leading to a number of startups popping up trying to automate processes and make them more efficient.
Built’s funding win comes after the pandemic disrupted construction materials markets, highlighting the sector’s room for innovation and improvement. In August, construction tech startup Agora raised $33 million in a Series B funding round after tripling staff and growing revenue eightfold in one year.
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[Bloomberg] — Holden Walter-Warner