Jan. 29, 2019
Billd, an Austin, Texas-based startup specializing in construction finance, has raised $60 million in Series A debt and equity funding from LL Funds, according to company officials.
The firm, which launched in 2018, was developed to help provide contractors with more flexible financing terms to bridge the gap between their initial purchase of supplies and the time they get paid, CEO Chris Doyle said in an interview.
Billd provides contractors 120 day terms to finance equipment and building supply purchases, as its is often difficult for smaller contractors to get anything beyond 30 day terms from from construction suppliers.
"It's almost 100 days from the time the need to purchase the materials to the time they get paid," Doyle said.
Doyle said that his company pays the supplier directly and can make financing decisions quickly within hours, instead of days or weeks. The company is not operating as a bank, but structures the transactions like a retail installment contract, he said.
He said there are several hundred contractors on the platform, and the core set of companies have annual revenue of between $5 million and $15 million in annual revenue.
Shivraj Mundy, a partner at LL Funds, will join Billd as the company's executive chairman.
Topics: Financial News, Online Purchasing
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