The Billder's Boardroom: Stay at the top of the game with guides, templates, and tools created by subs, for subs
Blog
/
Press

Billd Closes $30 Million Series B Funding Round To Help Solve Cash-Flow Pain Points in Construction

Published: July 12, 2021
Last updated: November 04, 2022
Read time: 2 minutes

Funding round will support the rapid expansion of material financing, investment in new products, and addition of top industry talent.

Austin, TX – 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 US 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 are 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.”

For questions or more information, contact Jon Katz, Vice President of Marketing at Katz@billd.com

About Billd: Billd stands alone as a partner that truly champions the subcontractor. Founders Christopher Doyle and Jesse Weissburg, industry veterans in both construction and finance, witnessed the detrimental impact to subcontractors of the longstanding broken payment cycle in construction. Their time in the trades inspired them to launch Billd in 2018, bringing the financial power of Wall Street to the construction job site. Billd's financial and payment products empower subcontractors to bypass project hurdles by providing access to upfront funds to cover their most pressing costs, including materials and labor. Unlike traditional financing outlets, Billd provides flexible lines of credit to accommodate the unpredictability of cash flow in construction, and extends their customers up to 120-day terms to align with industry payment standards. Billd knows traditional credit metrics are poor predictors for risk and has built a variety of industry-specific, proprietary analytic and financing tools to allow subcontractors to stabilize cash flow and more effectively grow their businesses.

Learn More

FAQs

Are you ready to unlock more working capital for your business?

Related posts

Talk to one of our financial experts to see how Billd can help your business grow.