AUSTIN, Texas, July 13, 2021 /PRNewswire/ -- Billd, the leading provider of material financing for commercial subcontractors, announced today that it has closed $30 million of funding led by LL Funds, with participation from RJT Credit and Ulysses Management.
With this latest round, Billd will expand its product and technology offerings to better solve the cash-flow challenges faced by contractors, and continue to forge partnerships with the most widely used platforms in the construction industry. Additionally, the funding will support the addition of top talent in order to accelerate growth and scale the company's infrastructure.
Billd has rapidly scaled to meet increasingly high demand from contractors since its launch in 2018 and has joined a select group of construction technology companies to surpass $100 million in revenue. Conceived by industry veterans Chris Doyle and Jesse Weissburg, material financing is the firm's flagship financial service. Billd works with thousands of contractors and suppliers across the U.S. to solve insufficient construction payment cycles.
"Supply chain finance in the construction industry is terribly broken and has been for decades," says CEO Chris Doyle. "This funding round is a major milestone towards achieving our vision of solving insurmountable cash flow challenges for contractors."
Billd has taken major strides in the construction industry to provide financing terms that align with payment cycles, particularly for subcontractors and suppliers, who are last in line to get paid, waiting on average over 60 days. A recent market report that surveyed over 500 contractors found that 63% of contractors pay for materials before receiving payment for their work, while 74% of contractors have terms with their suppliers of 30 days or less.
Doyle adds, "Cash flow challenges do not discriminate in construction. The payment gap between expenses and revenues is challenging for subcontractors of all sizes. With this latest round of funding, we'll continue tackling these long-standing pain points for subcontractors. Soon, we'll be releasing new products that will further strengthen modern supply chain financing."
Billd was started by Christopher Doyle and Jesse Weissburg, industry veterans in both construction and finance. Chris and Jesse were inspired to launch Billd to bring the financial power of Wall Street to the construction jobsite, allowing contractors to bypass project hurdles with access to upfront funds while enabling suppliers to sell more materials with less risk. For contractors who usually aren't paid until more than 90 days from purchasing materials, Billd provides 120-day terms so they can stabilize cash flow and more effectively grow their businesses. With a deep understanding of the construction industry, Billd knows traditional credit metrics are poor predictors for risk in this vertical segment and has built a variety of industry-specific proprietary analytic tools to better assess risk in the construction industry.
For questions or more information, contact Jon Katz, Vice President of Marketing, at Katz@billd.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/billd-closes-30-million-series-b-funding-round-to-help-solve-cash-flow-pain-points-in-construction-301332145.html