Built Technologies Startup Diligence Report
Proceed only to confirmatory diligence. The investability of Built Technologies depends on proving durable revenue quality, retention, margin, compliance, customer concentration, security/legal posture and current valuation support beyond the public $1.50B unicorn-list anchor.
Built Technologies Startup Diligence Report
Built Technologies appears to be an eligible private unicorn based on CB Insights and public financing/product evidence. The company has public evidence of active operations, products and customer/partner signals, but investment-grade diligence remains incomplete because financials, cap table, customer concentration, contracts, security artifacts and legal/regulatory records are private.
The $1.5B valuation dates to 2021; revenue, EBITDA, cash, ARR, churn and current valuation support are not public.
Diligence request: Request financial statements, KPI pack, ARR by product, gross margin, cash/debt and latest 409A/financing marks.
Built is tied to construction lending, draw volumes and real estate finance workflows that can contract with credit cycles and rate pressure.
Diligence request: Stress-test volume, churn and pipeline under lower construction starts and tighter credit conditions.
Product workflows touch draw approvals, inspections, lien waivers and digital payments, where errors can create financial or legal exposure.
Diligence request: Counsel should review product liability, payments flow, lien-waiver compliance and customer contract indemnities.
Built handles construction finance, draw, payment and project data; public pages do not provide SOC, penetration-test or incident-history artifacts.
Diligence request: Request SOC 2, security architecture, data retention, access controls and incident history.
Named customer evidence is positive but does not disclose customer concentration, ACV, renewal timing or implementation backlog.
Diligence request: Request top-customer ARR, implementation status, renewal cohorts and reference calls.
Public materials market AI automation and a large data platform, but model performance, auditability, error rates and governance are private.
Diligence request: Request model documentation, QA metrics, incident logs, customer audit reports and AI governance materials.
Built competes with loan-origination systems, bank workflow platforms and construction software vendors moving into payments/finance.
Diligence request: Run buyer-reference and win/loss analysis against nCino, Procore, Land Gorilla, Rabbet and internal bank builds.
The Series D syndicate is public, but preferences, option pool, debt and secondary sales are private.
Diligence request: Request full cap table, financing documents, debt and option plan schedules.
Built Technologies: Public evidence supports unicorn eligibility and a valuation anchor, but operating financials, cap table, debt, unit economics and current marks remain private.
not publicly verifiable confidence: low
Public evidence supports unicorn eligibility and a valuation anchor, but operating financials, cap table, debt, unit economics and current marks remain private. For annual and quarterly financial information for the past three years, public research produced limited public signal and an explicit private-data request.
partially verified confidence: medium
Public evidence supports unicorn eligibility and a valuation anchor, but operating financials, cap table, debt, unit economics and current marks remain private. For financial projections, public research produced structured exhibits plus explicit follow-up requests.
partially verified confidence: medium
Public evidence supports unicorn eligibility and a valuation anchor, but operating financials, cap table, debt, unit economics and current marks remain private. For capital structure, public research produced structured exhibits plus explicit follow-up requests.
| topic | public signal | verification status | private data request |
|---|---|---|---|
| Valuation | $1.50B | verified | Financing documents, cap table, preferences and current marks. |
| Revenue / usage signal | Pricing, ARR, gross margin and sales efficiency are not public; public claims center on loan/draw workflow scale rather than revenue. | partially_verified | ARR/revenue by product, gross margin, cash burn, CAC/payback, retention and cohort data. |
| Cap table and debt | Not publicly disclosed beyond named investors. | not_publicly_verifiable | Cap table, option pool, debt, warrants, SAFEs, side letters and off-balance-sheet obligations. |
| Tax/accounting policies | Not publicly disclosed. | not_publicly_verifiable | Accounting policies, revenue recognition memo, tax positions and AR aging. |
partially verified confidence: medium
Public evidence supports unicorn eligibility and a valuation anchor, but operating financials, cap table, debt, unit economics and current marks remain private. For other financial information, public research produced structured exhibits plus explicit follow-up requests.
| date | round or event | amount | post money or valuation | lead or participants | verification status | diligence caveat |
|---|---|---|---|---|---|---|
| 2021-09-30 | $125M Series D led by TCV | $125M | $1.5B | TCV, Brookfield Technology Partners, 9Yards, XYZ, HighSage and others | verified | Request signed financing documents, preferences, use of proceeds and closing evidence. |
| 2021-09-30 | CB Insights unicorn list entry | not disclosed by CB list | $1.50B | CB Insights list investors: see source row | verified | Market database listing is not a legal financing record. |
| current | Current private valuation support | not_publicly_verifiable | not_publicly_verifiable | company/investors | not_publicly_verifiable | Request latest 409A, secondary trades, board materials and investor marks. |
Public financing anchors are sufficient for eligibility screening, not investment underwriting.
Built Technologies: Product pages verify an active platform, while usage by module, roadmap, reliability, security and profitability are not publicly verifiable.
partially verified confidence: medium
Product pages verify an active platform, while usage by module, roadmap, reliability, security and profitability are not publicly verifiable. For description of each product, public research produced structured exhibits plus explicit follow-up requests.
| product | audience | public features | verification status |
|---|---|---|---|
| Construction Loan Administration | Banks and construction lenders | Portfolio visibility, draw workflow, inspections, draw and budget management, risk mitigation | verified |
| Deal Management | Commercial real estate lenders | Origination pipeline management, OM extraction and portfolio reporting | verified |
| Construction Financials | Owners, builders and contractors | Budget management, capital requests, invoicing, compliance tracking and payments | verified |
| Lien Waiver Management and Payments | Contractors and finance teams | Lien-waiver generation, sending, tracking, e-signature and vendor payment workflows | verified |
| item | public evidence | verification status | diligence request |
|---|---|---|---|
| Public pricing | No complete public pricing schedule was verified in this run. | not_publicly_verifiable | Provide price book, discounting, realized ACV, usage fees and contract terms. |
| Revenue model signal | Pricing, ARR, gross margin and sales efficiency are not public; public claims center on loan/draw workflow scale rather than revenue. | partially_verified | Provide revenue by product, gross margin, attach rate and payback. |
| Competitive pricing pressure | Category overlaps with nCino, Procore Financials / Procore Pay, Land Gorilla, Rabbet, SitusAMC / real estate finance workflow tools. | partially_verified | Provide win/loss and price-concession history. |
Built Technologies: Public customer and partner examples exist, but revenue concentration, contract terms, churn, supplier contracts and severed relationships are private.
partially verified confidence: medium
Public customer and partner examples exist, but revenue concentration, contract terms, churn, supplier contracts and severed relationships are private. For top customers by application, public research produced structured exhibits plus explicit follow-up requests.
| customer | public evidence | source | verification status | diligence caveat |
|---|---|---|---|---|
| AgGeorgia Farm Credit | Customer quote on Built customer page | SRC-006 | partially_verified | Contract value, revenue concentration, renewal status and reference quality are private. |
| Live Oak Bank | Customer quote on Built customer page | SRC-006 | partially_verified | Contract value, revenue concentration, renewal status and reference quality are private. |
| John Kraemer & Sons | Customer quote on Built customer page | SRC-006 | partially_verified | Contract value, revenue concentration, renewal status and reference quality are private. |
| U.S. Bank | Search result cites U.S. Bank integrating Built into construction lending workflow | SRC-007 | partially_verified | Contract value, revenue concentration, renewal status and reference quality are private. |
not publicly verifiable confidence: low
Public customer and partner examples exist, but revenue concentration, contract terms, churn, supplier contracts and severed relationships are private. For strategic relationships, public research produced limited public signal and an explicit private-data request.
not publicly verifiable confidence: low
Public customer and partner examples exist, but revenue concentration, contract terms, churn, supplier contracts and severed relationships are private. For revenue by customer, public research produced limited public signal and an explicit private-data request.
not publicly verifiable confidence: low
Public customer and partner examples exist, but revenue concentration, contract terms, churn, supplier contracts and severed relationships are private. For significant relationships severed within the last two years, public research produced limited public signal and an explicit private-data request.
partially verified confidence: medium
Public customer and partner examples exist, but revenue concentration, contract terms, churn, supplier contracts and severed relationships are private. For top suppliers, public research produced structured exhibits plus explicit follow-up requests.
| partner or supplier | role | source | risk note |
|---|---|---|---|
| TCV | Lead investor in Series D funding search result | SRC-002 | Financing signal |
| Brookfield Technology Partners / 9Yards / XYZ / HighSage | Investors named in Series D search result | SRC-002 | Financing syndicate |
| QuickBooks / Sage Intacct / Yardi / Procore | Integrations named on Built product pages | SRC-003 | Workflow dependency and integration risk |
| Inspection/title/appraisal vendors | About page describes goods and services ordered inside workflows | SRC-004 | Marketplace/vendor dependency to validate |
Built Technologies: The competitive set is crowded and requires win/loss, pricing and renewal diligence beyond public positioning.
not publicly verifiable confidence: medium
The competitive set is crowded and requires win/loss, pricing and renewal diligence beyond public positioning. For competitive landscape by market segment, public research produced structured exhibits plus explicit follow-up requests.
| competitor | segment overlap | target differentiator | diligence need |
|---|---|---|---|
| nCino | High to medium category overlap | Built Technologies emphasizes Construction and real estate finance technology, construction loan administration, draw management and payments. | Validate win/loss, price, product breadth, renewal rates and buyer references. |
| Procore Financials / Procore Pay | High to medium category overlap | Built Technologies emphasizes Construction and real estate finance technology, construction loan administration, draw management and payments. | Validate win/loss, price, product breadth, renewal rates and buyer references. |
| Land Gorilla | High to medium category overlap | Built Technologies emphasizes Construction and real estate finance technology, construction loan administration, draw management and payments. | Validate win/loss, price, product breadth, renewal rates and buyer references. |
| Rabbet | High to medium category overlap | Built Technologies emphasizes Construction and real estate finance technology, construction loan administration, draw management and payments. | Validate win/loss, price, product breadth, renewal rates and buyer references. |
| SitusAMC / real estate finance workflow tools | High to medium category overlap | Built Technologies emphasizes Construction and real estate finance technology, construction loan administration, draw management and payments. | Validate win/loss, price, product breadth, renewal rates and buyer references. |
| axis | public position | risk if unverified | requested evidence |
|---|---|---|---|
| Product breadth | Multiple modules are publicly marketed. | Adoption may be narrow despite broad website claims. | Module ARR, active users and roadmap. |
| Compliance / trust | Public pages include compliance or regulated-workflow positioning. | Claims may mask legal/security gaps. | SOC, legal opinions, regulatory correspondence and incident history. |
| Pricing power | No realized pricing metrics disclosed. | Competitive discounting could weaken unit economics. | Win/loss, discounting, gross retention and NRR. |
Built Technologies: Public GTM evidence shows channels and proof points, but CAC, pipeline, quota, conversion and payback are private.
partially verified confidence: medium
Public GTM evidence shows channels and proof points, but CAC, pipeline, quota, conversion and payback are private. For strategy and implementation, public research produced structured exhibits plus explicit follow-up requests.
| channel | public evidence | source | gap |
|---|---|---|---|
| Direct enterprise sales to lenders | Lender-specific product pages and customer stories | SRC-005 | Pipeline contribution, CAC, conversion and payback are not public. |
| Customer proof and content marketing | Customer page and resource center | SRC-006 | Pipeline contribution, CAC, conversion and payback are not public. |
| Workflow integrations | Accounting/ERP/project-management integrations | SRC-003 | Pipeline contribution, CAC, conversion and payback are not public. |
| Financial institution partnerships | Public customer stories with banks and farm-credit institutions | SRC-006 | Pipeline contribution, CAC, conversion and payback are not public. |
not publicly verifiable confidence: low
Public GTM evidence shows channels and proof points, but CAC, pipeline, quota, conversion and payback are private. For major customers, public research produced limited public signal and an explicit private-data request.
partially verified confidence: medium
Public GTM evidence shows channels and proof points, but CAC, pipeline, quota, conversion and payback are private. For principal avenues for generating new business, public research produced structured exhibits plus explicit follow-up requests.
| signal | public observation | verification status | follow up |
|---|---|---|---|
| Customer proof | Public examples include AgGeorgia Farm Credit, Live Oak Bank, John Kraemer & Sons. | partially_verified | Request conversion and renewal metrics tied to references. |
| Scale marker | >$3T platform data claim and named lender/customer stories | partially_verified | Request source data and reconciliation to financial statements. |
| Salesforce productivity | Quota, ramp, pipeline and sales-cycle data are not public. | not_publicly_verifiable | Request sales productivity pack and pipeline conversion by segment. |
not publicly verifiable confidence: low
Public GTM evidence shows channels and proof points, but CAC, pipeline, quota, conversion and payback are private. For sales force productivity model, public research produced limited public signal and an explicit private-data request.
not publicly verifiable confidence: low
Public GTM evidence shows channels and proof points, but CAC, pipeline, quota, conversion and payback are private. For ability to implement marketing plan with current and projected budgets, public research produced limited public signal and an explicit private-data request.
Built Technologies: Public product/R&D signals exist, but engineering resourcing, roadmap commitments, technical debt, incident history and R&D spend are private.
partially verified confidence: medium
Public product/R&D signals exist, but engineering resourcing, roadmap commitments, technical debt, incident history and R&D spend are private. For description of r&d organization, public research produced structured exhibits plus explicit follow-up requests.
| item | public evidence | verification status | diligence request |
|---|---|---|---|
| Product/R&D signal | Construction Loan Administration; Deal Management; Construction Financials; Lien Waiver Management and Payments | verified | Roadmap, engineering headcount and incident history. |
| Technical leadership | Not fully disclosed in reviewed public sources. | not_publicly_verifiable | Engineering, security, compliance and product leadership roster. |
| Security/reliability artifacts | SOC reports, penetration tests and incident logs were not publicly available. | not_publicly_verifiable | SOC 2, pen test, architecture, incident and vulnerability reports. |
partially verified confidence: medium
Public product/R&D signals exist, but engineering resourcing, roadmap commitments, technical debt, incident history and R&D spend are private. For new product pipeline, public research produced structured exhibits plus explicit follow-up requests.
| project or module | public status | expected date | verification status | risk note |
|---|---|---|---|---|
| Construction Loan Administration | Publicly marketed | not_publicly_verifiable | verified | Usage, reliability, profitability and roadmap timing require private validation. |
| Deal Management | Publicly marketed | not_publicly_verifiable | verified | Usage, reliability, profitability and roadmap timing require private validation. |
| Construction Financials | Publicly marketed | not_publicly_verifiable | verified | Usage, reliability, profitability and roadmap timing require private validation. |
| Lien Waiver Management and Payments | Publicly marketed | not_publicly_verifiable | verified | Usage, reliability, profitability and roadmap timing require private validation. |
Built Technologies: Some leadership or people signals are public, but full org chart, compensation, headcount, turnover and employee-relations records are not public.
not publicly verifiable confidence: low
Some leadership or people signals are public, but full org chart, compensation, headcount, turnover and employee-relations records are not public. For organization chart, public research produced limited public signal and an explicit private-data request.
partially verified confidence: medium
Some leadership or people signals are public, but full org chart, compensation, headcount, turnover and employee-relations records are not public. For historical and projected headcount by function and location, public research produced structured exhibits plus explicit follow-up requests.
| period | public headcount or signal | source note | verification status |
|---|---|---|---|
| 2014 founding era | not_publicly_verifiable | Founding year appears in public search results but HRIS/headcount is private. | not_publicly_verifiable |
| 2021 Series D | not_publicly_verifiable | Funding announcement did not disclose current headcount in fetched evidence. | not_publicly_verifiable |
| current | not_publicly_verifiable | Current headcount and turnover were not publicly verified. | not_publicly_verifiable |
partially verified confidence: medium
Some leadership or people signals are public, but full org chart, compensation, headcount, turnover and employee-relations records are not public. For senior management biographies, public research produced structured exhibits plus explicit follow-up requests.
| name | role | public evidence | source | diligence caveat |
|---|---|---|---|---|
| Chase Gilbert | Founder / CEO - public snippet, confirm privately | Third-party public snippet; verify through company materials | SRC-007 | Verify employment status, tenure, compensation, equity and succession risk. |
| Andrew Sohr | Co-founder - public snippet, confirm privately | Third-party public snippet; verify through company materials | SRC-007 | Verify employment status, tenure, compensation, equity and succession risk. |
| Product / AI leadership | Not publicly verified in reviewed sources | Important for AI Draw Agent and data platform claims | SRC-003 | Verify employment status, tenure, compensation, equity and succession risk. |
| Risk, payments and compliance leadership | Not publicly verified in reviewed sources | Important for draw, lien-waiver and payment workflows | SRC-003 | Verify employment status, tenure, compensation, equity and succession risk. |
not publicly verifiable confidence: low
Some leadership or people signals are public, but full org chart, compensation, headcount, turnover and employee-relations records are not public. For compensation arrangements, public research produced limited public signal and an explicit private-data request.
not publicly verifiable confidence: low
Some leadership or people signals are public, but full org chart, compensation, headcount, turnover and employee-relations records are not public. For incentive stock plans, public research produced limited public signal and an explicit private-data request.
not publicly verifiable confidence: low
Some leadership or people signals are public, but full org chart, compensation, headcount, turnover and employee-relations records are not public. For significant employee relations problems, past or present, public research produced limited public signal and an explicit private-data request.
not publicly verifiable confidence: low
Some leadership or people signals are public, but full org chart, compensation, headcount, turnover and employee-relations records are not public. For personnel turnover, public research produced limited public signal and an explicit private-data request.
Built Technologies: Public sources do not provide complete legal, regulatory, IP, insurance, material-contract or security evidence; counsel-led diligence is required.
not publicly verifiable confidence: medium
Public sources do not provide complete legal, regulatory, IP, insurance, material-contract or security evidence; counsel-led diligence is required. For pending lawsuits against the company, public research produced structured exhibits plus explicit follow-up requests.
| matter type | public finding | verification status | follow up |
|---|---|---|---|
| Pending lawsuits against company | No complete litigation search artifact was available in public-source run. | not_publicly_verifiable | Counsel should run federal/state/local and international docket searches. |
| Claims initiated by company | Not publicly verified. | not_publicly_verifiable | Request litigation schedule and outside-counsel letters. |
| IP and trademarks | No complete IP schedule was produced from public sources. | not_publicly_verifiable | Request patent/trademark/copyright/license schedule and assignment agreements. |
| Regulatory agency matters | Public product materials imply regulatory exposure but do not disclose regulatory correspondence. | not_publicly_verifiable | Request regulatory correspondence, audits, complaints, policies and licenses. |
not publicly verifiable confidence: low
Public sources do not provide complete legal, regulatory, IP, insurance, material-contract or security evidence; counsel-led diligence is required. For pending lawsuits initiated by company, public research produced limited public signal and an explicit private-data request.
not publicly verifiable confidence: low
Public sources do not provide complete legal, regulatory, IP, insurance, material-contract or security evidence; counsel-led diligence is required. For environmental and employee safety issues and liabilities, public research produced limited public signal and an explicit private-data request.
not publicly verifiable confidence: low
Public sources do not provide complete legal, regulatory, IP, insurance, material-contract or security evidence; counsel-led diligence is required. For material patents, copyrights, licenses, and trademarks, public research produced limited public signal and an explicit private-data request.
not publicly verifiable confidence: low
Public sources do not provide complete legal, regulatory, IP, insurance, material-contract or security evidence; counsel-led diligence is required. For insurance coverage and material exposures, public research produced limited public signal and an explicit private-data request.
not publicly verifiable confidence: medium
Public sources do not provide complete legal, regulatory, IP, insurance, material-contract or security evidence; counsel-led diligence is required. For material contracts, public research produced structured exhibits plus explicit follow-up requests.
| topic | public dependency | risk | requested document |
|---|---|---|---|
| Customer contracts | Customer examples are public but terms are private. | Concentration, termination and liability terms unknown. | Top contracts, renewal schedules, DPAs and SLAs. |
| Supplier / partner contracts | TCV, Brookfield Technology Partners / 9Yards / XYZ / HighSage, QuickBooks / Sage Intacct / Yardi / Procore | Termination or compliance failure could disrupt service. | Vendor agreements, SLAs, audit rights and business-continuity plans. |
| Insurance | Insurance coverage not public. | Coverage may be inadequate for regulated workflows, data incidents or product liability. | Cyber, E&O, D&O, crime, fiduciary and general-liability policies. |
not publicly verifiable confidence: medium
Public sources do not provide complete legal, regulatory, IP, insurance, material-contract or security evidence; counsel-led diligence is required. For regulatory agency problems, public research produced structured exhibits plus explicit follow-up requests.
| ID | Claim | Status | Sources |
|---|---|---|---|
| EC-001 | Built Technologies appears on the CB Insights unicorn list at $1.50B. | verified high | SRC-001 |
| EC-002 | Built Technologies has public financing evidence for $125M Series D led by TCV. | verified medium | SRC-002 |
| EC-003 | Built Technologies publicly markets an active product platform. | verified medium | SRC-003 |
| EC-004 | Built Technologies product scope spans multiple modules or workflows. | verified medium | SRC-003 |
| EC-005 | Built Technologies has public customer or partner examples. | partially verified medium | SRC-006 |
| EC-006 | Built Technologies has public scale or usage signals, but full financials are not public. | partially verified medium | SRC-004 |
| EC-007 | Built Technologies depends on third-party, partner, regulatory or local operating infrastructure. | verified medium | SRC-003 |
| EC-008 | Built Technologies faces direct competition from well-funded category peers. | partially verified medium | SRC-001SRC-003 |
| EC-009 | Built Technologies has limited public management and personnel disclosure. | partially verified medium | SRC-007 |
| EC-010 | Built Technologies private financial statements, cap table and customer concentration are not publicly verifiable. | not publicly verifiable high | SRC-001 |
| EC-011 | Built Technologies has public R&D or product-roadmap signals. | partially verified medium | SRC-003 |
| EC-012 | Built Technologies legal, IP, security and regulatory diligence remains materially incomplete from public sources. | not publicly verifiable high | SRC-003 |
| ID | Publisher | Title | Accessed |
|---|---|---|---|
| SRC-001 | CB Insights | The Complete List Of Unicorn Companies | 2026-06-16 |
| SRC-002 | Built / BusinessWire via DuckDuckGo snippet | Built Technologies Announces $125M Series D Financing Round search result | 2026-06-16 |
| SRC-003 | Built | Built homepage | 2026-06-16 |
| SRC-004 | Built | About Us | Built | 2026-06-16 |
| SRC-005 | Built | Software for Lenders | Built | 2026-06-16 |
| SRC-006 | Built | Customers | Built | 2026-06-16 |
| SRC-007 | DuckDuckGo search results | Built Technologies construction finance platform lenders search result | 2026-06-16 |
This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.