FinTech News
Subcontractor Financial Solution Platform Billd Raises $17.5 Million
A platform that focuses on the financing for subcontractors has raised a new round of funding itself.
About the round:
This week, Billd announced that it had raised $17.5 million in “strategic funding.” The round was led by LL Funds as well as MissionOG. RJT Credit, Ulysses Management, and HighSage Ventures also participated. Previously, Billd raised a $30 million Series B in 2021 and a $60 million Series A in 2019 as well as $100 million debt financing deal in 2022. Each of these rounds was led by LL Funds. With the fresh capital, Billd says it plans to accelerate its growth and expand its suite of products.
About Billd:
Billd is a FinTech platform that helps subcontractors find financing. This includes material financing, pay app advances, and more. Specifically, in the case of material financing, subcontractors can apply for “pay when paid” terms of up to 120 days and obtain funding in as little as 24 hours.
To date, more than 3,800 subcontractors have found funding on the platform. In turn, Billd has seen a 120% increase in revenue between 2021 and 2024.
What they’re saying:
Announcing the new round and what it means to the company, Billd’s CEO Chris Doyle stated, “This investment represents a significant milestone for Billd. Our investors understand the complexities our customers face and share our commitment to empowering subcontractors.” Doyle added, “By working together, we are in a stronger position to accelerate our growth, expand our reach, and innovate at a pace that meets the evolving needs of our customers.”
Meanwhile, LL Funds partner Raj Mundy said of the firm’s investment, “Billd’s unique financial solutions enable subcontractors to grow their business, instead of being held back by capital constraints. We’re proud to back Billd as they continue to grow and expand their efforts.”
My thoughts:
First things first: I need to discuss the similarity between Bilt’s logo and Billd’s logo. Not only do the two companies have similar names but their little brick icons are also nearly identical. With both entities operating in the world of FinTech, you’d think somebody would have mentioned this to them by now.
Anyway, looking at Billd’s funding history is interesting — and not necessarily in a good way. That said, the company did manage to bring on new investors for this round, so that seems like an encouraging sign. Hopefully, with this new money, the platform can grow its reach, help more customers, and perhaps even get itself a new logo.
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