Billd, a material financing service for subcontractors, recently announced it has secured $30 million in Series B funding for lending and expansion. Billd is considered one of the leading providers of subcontractor financing, having worked with more than 2,000 suppliers on projects with a cumulative value of more than $14 billion.
“Supply chain finance in the construction industry is terribly broken and has been for decades,” Billd CEO Chris Doyle said in a statement. “This funding round is a major milestone towards achieving our vision of solving insurmountable cash flow challenges for contractors.”
Since its founding in 2018. Billd has secured $90 million in funding. The financial services Billd provides enables subcontractors to operate their business and purchase materials when cash flow is restricted, like the time between payment cycles.
Following this round of funding, Billd says it plans to better address contractor cash-flow issues by expanding its product and technology offerings. Billd also intends to hire more staff.
The funding will also allow the service to partner more with other construction industry tech platforms, something it already does. In early July Billd teamed with StructShare, a materials management software company, to help streamline the materials purchasing process for subcontractors.
“With this latest round of funding, we’ll continue tackling these long-standing pain points for subcontractors,” said Doyle. “Soon, we’ll be releasing new products that will further strengthen modern supply chain financing.”
Article source here: Subcontractor Financing Service Nabs $30 Million in Funding
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