Goldman Sachs has pumped millions into Built Technologies, the five-year-old local company that markets software automating the construction lending process, as part of an investment round that also includes three other new investors.
Executives with Grassmere-based Built last month filed papers with regulators saying they had already raised $24 million as part of their Series B round and that they intended to add to that number. That raise has since been completed and was led by Goldman. Regions Bank, Canapi Ventures and Chicago-based real estate technology fund Nine Four Ventures also invested, growing the round to $31 million and Built’s total outside funding to $55 million.
Existing investors Index Ventures and Nyca Partners also took part in the round, the proceeds of which will primarily go toward product development and client service efforts.
“Built’s technology platform has demonstrated a strong value proposition to borrowers and lenders alike by streamlining the overall construction loan process, while at the same time increasing transparency,” said Christopher Dawe, co-head of Goldman Sachs Investment Partners’ venture capital and growth equity team. “We are excited to partner with Built and help the company maintain its leadership position within the industry.”