Built Technologies has added another marquee financial brand to its roster of investors.
Citi (NYSE: C) has made a strategic investment in the Nashville-based construction software startup, according to a news release. Terms of the investment were not disclosed.
Built plans to use the funds to accelerate growth in commercial real estate asset management and for operational and technology advancements, according to the release.
“The investment from Citi SPRINT opens a new market opportunity for Built to gain traction with one of the largest U.S. financial institutions in the real estate industry,” Built co-founder and CEO Chase Gilbert said in the release. “Citi SPRINT's investment is a testament to Built's vision and the value Built delivers to its customers. The investment presents a unique opportunity, and one that will further accelerate our market reach.”
Citi is the latest big name firm to jump on the Built bandwagon. Existing Built investors include Goldman Sachs, Index Ventures, Addition, Nyca Partners, TCV and Brookfield Technology Partners, among others. The platform’s lender clients include U.S. Bank Housing Capital Company, Fifth Third Bank, Citizens Bank, Regions Bank and Pinnacle Financial Partners.
Prior to Citi’s investment, Built had raised $242 million over its lifetime, including a $125 million round of funding in 2021 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.
Citi’s investment was made through Citi SPRINT (Spread Products Investment Technologies), part of Citi Institutional Strategic Investments, which focuses on incubating fintech companies that provide innovative platforms to financial markets, according to the release.
Citi is one of the world’s largest banks, with $75.3 billion of revenue in 2022, according a U.S. Securities and Exchanger Commission filing. The company employs approximately 240,000 people.
“Built has achieved strong growth due to its ability to help lenders achieve efficiencies, expedite revenue generation, and serve their customers more effectively,” Katya Chupryna, SPRINT director, said in the release. “By investing in Built and bringing their innovative solutions to Citi, we empower Citi Community Capital and other CRE lending businesses to grow faster and serve clients better.”
