Less than a year after reaching unicorn status, Built Technologies has raised more capital — and this time it's in connection with a business deal.
The Nashville-based fintech has secured a $23.6 million round of funding, according to a U.S. Securities and Exchange Commission filing. The first date of sale of the equity shares was June 30.
The offering, which involves 18 investors, was made in connection with a “business combination transaction,” according to the filing, such as a merger, acquisition or exchange offer.
In an email to the NBJ, Built confirmed the filing is related to a "strategic business deal such as an acquisition," but declined further comment.
Fast-growing Built is coming off a $125 million September capital raise, which came at a $1.5 billion valuation, launching the startup into "unicorn" territory — a buzzy Silicon Valley term for startups with a ten-digit-plus valuation. At the time, Built had raised $242 million over its lifetime.
Founded in 2015, Built’s platform works as a middle-man for those in construction lending in an effort to simplify the way borrowers and contractors access cash from lenders and manage loan disbursements. The company employed 125 people inside its 30,000-square-foot Grassmere headquarters, as of last year.
As of September, Built’s platform had been used to manage the financing of more than $135 billion in construction projects, representing 200,000 commercial, homebuilder, land development and residential projects. Its lender clients include U.S. Bank Housing Capital Company, Fifth Third Bank, Citizens Bank, Regions Bank and Pinnacle Financial Partners. Its contractor and developer clients include Lennar Multifamily Communities, 84 Lumber, PRG Group, Homebound, NPR and Genesis Homes.
