Everyone wants to get paid on time. But, if you're in a business with a lot of cash flow and a lot of players, it's not always easy to keep your bank account flush enough to pay all the bills right on time.
That's where a new Austin fintech startup is hoping to make its mark, and it just received some financing of its own to fuel the journey.
Billd, which was formed last year, announced Tuesday it has raised a $60 million Series A round, which includes debt and equity funding. It wasn't clear how much falls into each category. The new round was led by LL Funds, a Philadelphia-based investment firm focused on consumer finance solutions.
Raj Mundy, a partner with LL Funds, is joining Billd as its executive chairman as part of the deal.
Billd has created a niche within the construction industry where it allows construction suppliers to offer builders financing and payment plans that are spread out over more time than is typical for the industry. While most suppliers offer 30-day terms to buy materials, it takes contractors 60 to 90 days to get paid for their work. So Billd offers 120-day terms that helps companies avoid gaps in cash flow.
“The construction industry is known for inefficient supply chain financing across all major sectors, and subcontractors and suppliers are the last in line,” Billd CEO Chris Doyle said in a news release. “Billd provides subcontractors solutions so they can take that extra project, grow their business, and simplify their process while also giving suppliers more payment options to share with their customers.”
Prior to leading Billd, Doyle founded SiteCapture, which focuses on job site data and imagery. Prior to that, he has worked as a chief commercial officer at Dividend Finance and as a program director at the Institute for Building Technology and Safety.
This is Billd's first publicly announced funding round. The company filed SEC paperwork as Billd Holdings in November 2018 indicating it had raised $8.4 million in equity and other securities in November 2018. The company noted that the funding was in connection with acquisition of assets of Atlas44, which is an Arizona-based credit supplier for the construction industry.
