Built, a Nashville, TN based provider of construction lending software, raised $21m in Series A funding.
The round, which brought the total capital raised to date to $25m, was led by Index Ventures, with participation from Nyca Partners.
The company intends to use the funds to accelerate innovation across both residential and commercial construction lending, invest in data utilization and in integrations and partnerships with other lending technology systems and industry service providers.
Led by Chase Gilbert, CEO and co-founder, Built provides software that streamlines the collateral monitoring and draw process associated with servicing construction loans. By digitizing the process, lenders can use data to make more informed decisions on their loans and simultaneously provide their borrowers with digital experience with faster access to money to push projects forward.
Since January 2016, the company has more than tripled its customer base, which includes banks and other non-bank lenders of all sizes across the United States.