Built Technologies has laid off about 8% of its employees, CEO Chase Gilbert confirmed to the Nashville Post, calling it “the hardest decision to make as a founder.”
The exact number of employees impacted was not disclosed. As of August, the company had approximately 430 employees, according to previous Business Journal reporting.
“While we are fortunate to be in a very strong financial position, we took these proactive measures to ensure our org size was aligned to our strategic priorities, and those of our customers,” Gilbert said in an emailed statement to the Business Journal.
Built reached “unicorn” status in 2021 — a buzzy Silicon Valley term for startups with a ten-digit-plus valuation — with a valuation of $1.5 billion.
The startup’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.
As of September 2021, 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 — which now numbers more than 220 — include AllianceBernstein, 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.
