NASHVILLE, Tenn.--(BUSINESS WIRE)--Built Technologies, the fastest growing construction finance platform in the U.S., has reached significant team and financial growth metrics exiting 2021, which bring increased value to customers.
Built raised more than $213M in new venture funding from new and existing investors, securing a $1.5B valuation and making it Nashville’s newest unicorn. The Built team doubled headcount this past year to 330 total employees and expects to continue on that pace in 2022. Among those brought on board were Bob Van Nortwick as President and Bob Elliott as Chief Revenue Officer, along with vice presidents for finance, sales, marketing and the company’s new Built Pay product.
The company has used this funding to aggressively execute against a customer value and product led growth strategy. Throughout FY2021, Built managed a Total Construction Value of more than $200B for lenders and builders, up 144% YoY. Built introduced 61 new financial institutions and hundreds of new contractors to its lending and payment solutions. Throughout the year, the company managed for its customers:
- 135,065 active loans;
- 400,000+ in draw disbursements [85% increase YoY]; and
- 738,961 transactions touched
“FY2021 was a significant milestone in our vision for Built and our solutions to the problems with how money moves around, within and through the entire construction ecosystem,” said Chase Gilbert, CEO of Built. “We are helping two of the largest economic sectors, construction and financial services, modernize and digitize one of their most critical functions. None of this would have been possible without our investors, partners and, of course, our amazing team of Builters. And we are not sitting still. A key priority for 2022 is to continue increasing value to our customers as they grow their own businesses, and we expect to meet and surpass these metrics this year as we make that happen.”
Built’s customers benefited from a wide range of new and expanded solutions to help manage their businesses. The company expanded its full range of lending solutions from Construction Loan Administration and Home Builder and Commercial Finance to Project Monitoring and Inspection Services. The Built platform helped lenders and builders achieve an average draw turnaround time of just 2.4 days, far faster than the typical 11 days, which has positive ripple effects down the line for every member of the construction ecosystem. In total, the company supports more than 169 North American lenders, spanning in excess of 200,000 commercial, homebuilder, land development and consumer residential projects.
In addition to the company’s industry-leading construction lending solutions, Built delivered a robust construction payments solution in FY2021, Built Pay, that helps contractors, subcontractors, vendors and suppliers pay and get paid significantly faster than the typical net 100+ days. The company is already processing several hundred million dollars monthly. Built also invested heavily in its Commercial Lien Waiver Management and Compliance Tracking solutions for this market.
The company is aggressively hiring to support its growth. For information on life at Built and open positions, visit https://getbuilt.com/careers/.
For more information about Built, visit http://www.getbuilt.com.
About Built Technologies
Built is the leading provider of construction finance technology. Built connects commercial and consumer construction lenders, property developers, commercial general contractors, residential home builders, specialty contractors, title companies, and other critical industry vendors to improve the flow of capital through the construction ecosystem. By connecting all key stakeholders involved in the construction financing process in real-time, the Built platform helps mitigate risk, power faster draws and payments, ensure compliance, and inspire customer loyalty. Built is used by more than 160 of the leading U.S. & Canadian construction lenders and thousands of developers and contractors. For more information, visit www.getbuilt.com.