Billd Raises $7.3M in Funding to Enhance Early Payment Solutions for Subcontractors

Billd Secures Strategic Investment for Early Payment Programs

Billd, a prominent name in financial solutions for commercial subcontractors, has announced a significant milestone in its journey. The company recently raised $7.3 million in a strategic funding round, thrusting its mission to provide innovative financial solutions for subcontractors onto a broader stage. This funding round was led by MissionOG, a growth equity firm with proven expertise in the realms of FinTech and lending. Existing investors, such as HighSage Ventures and RJT Credit, also participated in this venture, showcasing a united front in support of Billd's initiatives.

The Vision Behind the Investment

The fresh capital influx is not just a number, but a catalyst aimed at accelerating the development and launch of new financial products. One of the standout initiatives from this round is Predictable Pay, an early pay program meticulously designed in collaboration with general contractors. This program seeks to address a pressing issue faced by subcontractors: cash flow instability caused by unpredictable payments. The objective is to provide subcontractors with faster and more predictable payment options, thereby helping them maintain healthier cash flow and stability in their operations.

Chris Doyle, the founder and CEO of Billd, elaborated on the impact of this investment, stating, “Cash flow instability caused by payment unpredictability is one of the biggest threats to a subcontractor's business. Early pay programs are one way subcontractors can bring more predictability to their payments and create a more resilient business.”

A Focus on Empowerment

This funding aligns with Billd's overarching mission to empower subcontractors, enabling them to execute their work at peak efficiency. By addressing the hardships associated with the construction industry's broken payment cycle, Billd aims to equip subcontractors with the resources they need to thrive, emphasizing the importance of financial stability in fueling exceptional project outcomes.

Andy Newcomb, managing partner at MissionOG, expressed confidence in Billd's vision, stating, “We continue to be impressed with Billd's ability to create scalable, practical solutions that have meaningful impact on the construction industry. We are proud to continue supporting Billd as they drive innovation in construction finance.”

A Path towards Innovation

As Billd approaches its billion-dollar funding milestone, the company remains steadfast in its commitment to innovation in the construction finance sector. With programs such as Predictable Pay, Billd offers a path for general contractors to mitigate payment dysfunction in the construction process. This, in turn, delivers invaluable advantages for subcontractors, ensuring they have reliable access to cash flow when they need it most.

Conclusion

Since its inception in 2018, Billd has established itself as a dedicated partner for subcontractors, battling the traditional challenges posed by the construction industry's payment cycles. By providing tailored financial and payment products, Billd is poised to redefine the landscape for commercial subcontractors, paving the way for a more predictable and empowered business environment. To learn more about their initiatives, visit Billd.com.