Nashville-based Built Technologies, which provides cloud-based construction lending software, raises $125M Series D led by TCV at a $1.5B valuation
Joel Stinnett / Nashville Business Journal :
Context & Ripple Effects
Built Technologies is scaling fast from its 2019 $31M Series B led by Goldman Sachs Investment Partners to a $125M Series D led by TCV at a $1.5B valuation — a roughly fourfold jump in round size for its cloud-based construction lending software. TCV's check lands shortly after the firm closed a $4B fund targeting cloud tools, making Built one of its marquee deployments.
The round also slots Built into a funding arc across trades-and-construction software: ServiceTitan went from a $1.65B Series D in 2018 to a $9.5B Series G by mid-2021, while Levelset raised $30M for contractor payments and Buildots brought computer vision to construction management.
First-order effects
- TCV puts its freshly closed $4B cloud-tools fund to work, with Built becoming a flagship bet on verticalized construction finance software out of Nashville.
- Built gains the balance sheet to expand beyond construction lending into adjacent workflows, directly challenging players like Levelset that sit on the contractor payments side of the same transactions.
Second-order effects
- ServiceTitan's trajectory — Series D at $1.65B in 2018 to $9.5B by mid-2021 — gives late-stage investors a comp they will now apply to Built, raising the bar and the price for whoever leads its next round.
- Adjacent construction-software fundraisers such as BuildOps and Buildots can point to Built's $1.5B mark when pitching generalist growth funds that had previously treated the category as too niche.
Third-order effects
- If the pattern holds, construction's back office consolidates into platform companies spanning lending, payments, and project data — turning banks' construction-loan operations into software buyers and squeezing standalone point tools.
- Regional hubs like Nashville gain credibility as vertical-SaaS origins, diversifying venture deal flow away from coastal clusters as sector-specific software proves it can carry billion-dollar valuations.
The trend: Vertical SaaS for construction and the skilled trades is graduating from niche tooling to billion-dollar platform rounds, with Built Technologies' $1.5B Series D following the same curve ServiceTitan traced from 2018 to 2021.