Billd, a company specializing in financial solutions for commercial subcontractors, has secured $7.3 million in strategic funding. The investment round was led by MissionOG, a growth equity firm with experience in FinTech and lending, with participation from existing investors HighSage Ventures and RJT Credit.
The new funding will be used to speed up the development and launch of additional capital solutions, including Predictable Pay. This early pay program is designed with input from general contractors to provide subcontractors with faster and more predictable payments.
Chris Doyle, founder and CEO of Billd, said: “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. This investment helps support our long-term goal of developing financial solutions that empower subcontractors to do the best work of their lives.”
Earlier this year, Turner improved its Accelerated Payment Program through a partnership with Billd. This elective early pay program enables trade contractors to access funds within days after submitting a pay application, which can help improve cash flow and strengthen supplier relationships.
Andy Newcomb, managing partner at MissionOG, commented: “We continue to be impressed with Billd’s ability to create scalable, practical solutions that have a meaningful impact on the construction industry. We are confident in the team’s ability to help subcontractors achieve their goals and proud to continue supporting Billd as they drive innovation in construction finance.”
Doyle added: “With early pay programs like the Turner Accelerated Payment Program powered by Billd and Predictable Pay, Billd is providing general contractors with a way to help solve the issue of payment dysfunction in construction. We’re proud to have partners that continue to support us on our mission to bring more predictability to subcontractor payments as we approach our billion-dollar funding milestone.”