Built Technologies, which provides cloud-based construction lending software, raises $31M Series B led by Goldman Sachs Investment Partners
Context & Ripple Effects
Built Technologies' 2019 round put Goldman Sachs Investment Partners behind software that moves construction lending off spreadsheets and into the cloud — an early bet on digitizing how banks disburse and track draws against projects. The bet paid forward fast: by late 2021 the Nashville company closed a $125M Series D at a $1.5B valuation led by TCV, a near-50x step-up in round size from this Series B.
The lead investor is the other throughline. Goldman Sachs Investment Partners' name appears repeatedly across this coverage set — it also led Very Good Security's $35M Series B in October 2019 and backed Form3's $160M cloud-payments Series C in September 2021 — marking the firm as a repeat backer of cloud infrastructure sold to regulated finance.
First-order effects
- Built Technologies gets $31M to scale its construction-lending platform, with Goldman Sachs Investment Partners now holding equity in the workflow layer between lenders and builders.
Second-order effects
- Capital chases the rest of the construction workflow: Agora raised a Tiger Global-led Series B for contractor materials management in August 2021, and BuildOps followed with a Next47-led $43M Series A for commercial contractor software in May 2022, each attacking adjacent slices of the same paper-bound industry.
Third-order effects
- Construction finance is becoming a layered software stack — lending (Built), materials (Agora), operations (BuildOps) — where each tier attracts dedicated growth capital rather than lenders and contractors building tools themselves; if the funding cadence holds, integration or consolidation across tiers becomes the next structural question.
The trend: Vertical software for financing and operating real-world construction is pulling repeat investment from bank-affiliated and crossover growth funds, turning a spreadsheet-driven niche into a funded platform category.