Diving Brief: The Construction Finance Platform, which helped fund $ 68 billion in construction projects across 130,000 commercial deals, home construction, land development and consumer deals, raised $ 88 million in a new funding round. Nashville, Tennessee-based Belt Corporation announced its Series C funding round, led by Peloton and investor SurveyMonkey Lee Fixel. Other supporters include Fintech-focused Canapi Ventures, Index Ventures and Goldman Sachs Investment Partners, among others. Since its founding in 2015, Built has raised more than $ 137 million, according to a press release. “The construction industry relies on capital to thrive, yet money movement and spending decisions are obsolete from start to finish,” Bilt Co-Founder and CEO Chase Gilbert said in a statement. “Financing modern construction requires an entirely new infrastructure.” Dive Insight: This announcement comes as money continues to flow into the contech, proptech and fintech spaces, even with traditional building financing and payment solutions that often create hurdles for contractors, particularly small companies working on large projects, and depend on immediate pay to stay solvent. Built is focused on improving the financial performance of the $ 14 trillion global construction industry with a focus on modernizing the movement of funds between key stakeholders. Software, payments, B2B marketplace and data solutions are the tools used to serve the various stakeholders in this complex ecosystem. Gilbert said Bilt is working to “simplify construction lending and construction spending for all building stakeholders.” By connecting all of the key stakeholders involved in the construction financing process in real time, the platform mitigates risk, increases faster withdrawals and payments, ensures compliance, and inspires customer loyalty, the company said. The construction uses more than 125 leading construction lenders and thousands of owners and contractors to manage more than $ 68 billion in annual construction spending. The company’s client list of lenders includes some of the largest construction lenders in the United States and Canada, including US Bank Housing Capital Company, Fifth Third Bank, Citizens Bank, Region Bank and Pinnacle Financial Partners. Its list of clients for developers, home builders and commercial contractors includes names such as Lennar Multifamily Communities, 84 Lumber, PRG Group, Homebound, NPR and Genesis Homes, the company said. While Built has made major breakthroughs in the residential building space for both home builders and homeowners, it is now also targeting business owners, developers and construction companies within the Building for Construction segment.
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