Built Technologies, Inc. is an enterprise technology company specializing in cloud-based construction finance solutions. Founded in 2014 and headquartered in Nashville, Tennessee, Built aims to enhance efficiency, transparency, and risk management in construction lending and real estate finance. The company's mission is to improve outcomes for stakeholders involved in building and managing the world, positioning itself as a trusted partner in the built environment.
Key Strategic Focus
Built's strategic focus centers on providing a collaborative platform that streamlines construction loan administration and real estate finance. The platform offers real-time data access, enabling lenders, developers, and contractors to make informed decisions, reduce risks, and accelerate project timelines. By digitizing and automating traditionally manual processes, Built enhances operational efficiency and compliance across the construction finance ecosystem.
Financials and Funding
Since its inception, Built has successfully raised approximately $312.7 million through seven funding rounds. Notable investors include Fifth Wall, Citi, Nine Four Ventures, HighSage Ventures, Brookfield Growth, TCV, and XYZ Venture Capital. The most recent funding round, a venture round led by Citi, was completed on April 13, 2023. These investments have been utilized to expand product offerings, enhance technological capabilities, and support market expansion initiatives.
Technological Platform and Innovation
Built's platform is designed to digitize and automate the construction loan administration process, offering features such as real-time portfolio visibility, draw management, and compliance tracking. The system integrates with existing property management systems and general ledgers, ensuring synchronized data and streamlined operations. By leveraging advanced technology and integrations, Built eliminates manual data entry, reduces errors, and enhances overall efficiency in construction finance management.
Leadership Team
- Chase Gilbert, Co-founder and CEO: Chase holds a degree in Finance and International Business from the University of Tennessee. Prior to founding Built, he was a partner and investor at Taziki's Mediterranean Café. As CEO, Chase has been instrumental in guiding Built's strategic direction and growth.
- Scott Sohr, Co-founder: Scott earned a Mechanical Engineering degree from Auburn University and an MBA from Vanderbilt University. He is also the President of STS Ventures Nashville and Canary Ventures, and co-founder of Elmington Capital Group and Correct Care Solutions.
- Andrew Sohr, Co-founder: Andrew studied Management at The London School of Economics and holds a Bachelor's degree in Business Economics from the University of San Diego. He previously owned and invested in Taziki's Mediterranean Café.
Leadership Changes
In February 2023, Built underwent a workforce reduction of approximately 8%, followed by another round of employee cuts five months later. CEO Chase Gilbert cited the rapidly changing business climate as the reason for these adjustments.
Competitor Profile
Market Insights and Dynamics: The construction fintech industry has experienced significant growth, with global fintech revenue projected to reach €188 billion by 2024. The adoption of digital financial products has accelerated, particularly during the COVID-19 pandemic, driving demand for innovative solutions in construction finance.
Competitor Analysis: Key competitors in the construction finance technology sector include:
- Land Gorilla: Offers construction loan management software and services designed to mitigate risk and improve workflow.
- LendingPad: Provides a cloud-based loan origination system optimized for daily origination needs, including borrower engagement and document management.
- CloudBankin: A financial inclusion software offering customizable, modular solutions for loan origination and management.
- Finflux: A SaaS-based banking platform offering loan origination, loan management, collection modules, and financial accounting.
- nCino's Mortgage Suite: Provides a fully customized, white-labeled platform bridging the gap between mortgage loan originators, Realtors, and borrowers.
Strategic Collaborations and Partnerships
Built has established partnerships with several organizations to enhance its market position and service offerings, including:
- GreenState Credit Union
- Fulton Mortgage Company
- Encompass
- Sage
- Black Knight
- PandaDoc
- Procore
- Jack Henry & Associates Inc.
- American Bankers Association
These collaborations aim to integrate Built's platform with various financial and construction management systems, providing a comprehensive solution for clients.
Operational Insights
Built's platform is utilized by over 270 leading lenders and asset managers, as well as thousands of developers, contractors, and home builders across the United States. The company's focus on digitizing and automating construction finance processes provides a competitive advantage by reducing risk, enhancing efficiency, and improving stakeholder collaboration.
Strategic Opportunities and Future Directions
Built's strategic roadmap includes expanding its product offerings to address additional aspects of construction finance and real estate management. The company aims to leverage its technological strengths to enter new markets and form strategic partnerships that enhance its service capabilities. By focusing on innovation and customer-centric solutions, Built is well-positioned to capitalize on the growing demand for digital transformation in the construction finance industry.
Contact Information
- Website: getbuilt.com
- LinkedIn: Built Technologies on LinkedIn
- Headquarters: Nashville, Tennessee, United States
