Built's Path to becoming a $1.5B Construction Tech Unicorn
Note : This episode is a re-release of an episode that was initially released at Groundbreakers."It turns out in construction and real estate, there's a lot of big problems. There's an abundance of them." - This candid observation from Built Technologies' CEO perfectly captures why construction tech is ripe for disruption.In our latest conversation with Chase Gilbert, he reveals Built's journey from working with three community banks to becoming a construction tech unicorn that processes over $200 billion in annual construction spend. He breaks down the strategic decision to start with lenders and how it became their path to industry-wide transformation.Tune in to discover:✅ Why "following the money" upstream was the key to market penetration✅ How they turned an 11-person process into a 2-person operation✅ The strategy behind reducing loan processing from 5 days to same-day✅ Why being "long-term greedy" is crucial for sustainable growthListen to the full episode on Spotify to hear Chase's complete breakdown of building a construction tech unicorn.-------------Chapters00:00 Intro02:28 Building a Unicorn in Construction Tech05:04 Identifying and Solving Industry Problems06:40 The Genesis of Built Technologies18:16 Revenue Generation and Business Model26:56 The Importance of Following the Money30:52 Efficiency Metrics and Impact on Lenders38:05 The Landscape of Construction Loans40:42 Navigating the Banking Ecosystem44:19 Go-to-Market Strategy for Financial Institutions49:23 Value-Based Pricing Models50:06 Key Lessons in Scaling a Startup53:28 Building and Maintaining Company Culture59:37 Understanding Unicorn Valuation01:11:01 The IPO Journey and Long-Term Vision
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Bricks & Bytes
From Carpenter at 12 to Stanford & Silicon Valley - How Sarah Built an AI to Process Construction Documents & Raised $20M in just 10 Days
"I had my first startup when I was five years old and I stole my parents' Polaroid camera and went to the local fair and sold people on Polaroids."
In today's episode of Bricks & Bytes, we had Dr. Sarah Buchner, founder of Trunk Tools, and we got to learn about her journey from carpenter to tech entrepreneur, the challenges of unstructured data in construction, and how AI is revolutionizing the industry.
Tune in to find out about:
✅ How Trunk Tools is building the "brain behind construction"
✅ The staggering amount of documentation in a typical construction project
✅ Why most construction tech fails to gain adoption
✅ How AI agents are automating bureaucratic tasks in construction
Listen now on Spotify to hear Dr. Buchner's insights on the future of construction technology and how Trunk Tools is empowering builders to focus on what they do best.
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Bricks & Bytes
A Product Manager's Guide to Building Hardware for Construction Sites - Emidio Piermarini
"I can't make that journey all the way to that facility and write up for you in a Notion board what it's like. You have to go to a construction site to really understand how busy people are."
In today's episode of Bricks and Bytes, we had Emidio Piermarini, and we got to learn about the challenges of product management in construction tech, the importance of physical solutions for physical problems, and the value of embracing negative feedback... and many more!
Tune in to find out about:
✅ The journey from structural engineering to product management
✅ How Converge is revolutionizing precast concrete tracking
✅ The limitations of software-only solutions in construction
✅ The potential for performance-based contracts in construction tech
Listen to the full episode on Spotify to gain insights into the future of construction technology and the importance of bridging the gap between digital solutions and physical realities.
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BuildVision is a procurement network for the $5T commercial construction market. We are transforming the commercial construction supply chain by bringing contractors, manufacturers, and project stakeholders onto a single software platform—revolutionizing how every component is sourced, purchased, and financed.
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Bricks & Bytes
The Underdog Story of Construction's Hottest Startup
What would you risk to pursue your dream? For Tom Deane, it meant everything - even if it meant putting in his last penny to go all-in on a bold vision.
In this must-listen episode, Tom Deane, Co-Founder of Project Mark shows us what it really takes to be successful in the startup world.
He takes us behind the scenes and pulls the curtain on the story behind Project Mark - his innovative Construction-CRM platform. You'll also hear how he and his co-founders bootstrapped just $1,500 into an initial $500,000 before raising a staggering $3 million in seed round.
Hear how Tom’s ability to tell a story well made all the difference.
You'll also learn:
• How to craft a pitch that delivers investment
• How to identify and partner with the right VC for long-term success
• Usual pitfalls that derail fundraising efforts (and how to avoid them)
• How Project Mark empowers construction businesses to win more bids
• How struggle and perseverance are key to success
• What's possible when you go all-in on your entrepreneurial dreams
And much more ..
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This episode is brought to you by Shft—the BIM partner you need to fill the gap in your digital skills and tackle your BIM needs, end-to-end.
Visit: https://maketheshft.digital
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Timestamps:
(00:00:00-00:02:27) Intro
(00:02:27-00:10:11) About Tom'e Journey and ProjectMark
(00:10:11-00:26:05) Top 50 ConTech Startups in 2024
(00:26:05-00:30:33) How To Build relationship with VCs
(00:30:33-00:41:09) Pre & Post Funding Scenarios
(00:41:09-00:48:32) Silicon Valley As An Entrepreneur Ecosystem
(00:48:32-00:49:39) Outro
Cintoo's $37M Series B, Reality Capture Market Growth, Partech's Investment Strategy - How Cintoo Is Revolutionizing Reality Capture in Construction
Is the construction tech market becoming more obvious? Are we on the cusp of a tech IPO boom?
In today's episode of Bricks, Bucks and Bytes, we got to learn about Cintoo's $37 million Series B funding round led by Partech, signaling growing interest in reality capture and data compression for construction sites.
We also explored the potential for a surge in tech IPOs in 2025, as evidenced by Thrive Capital's rumored $1 billion investment in Databricks at a $55 billion valuation.
Additionally, we discussed the evolving landscape of construction tech investing, where specialist knowledge becomes less critical as companies mature and become more "obvious" to generalist investors.
Tune in to find out about:
✅ The growing market for reality capture in construction
✅ How to interpret large late-stage funding rounds
✅ The potential for a tech IPO boom in 2025
✅ The changing dynamics of specialist vs. generalist investors in construction tech
Listen to the full episode on Spotify to dive deeper into these insights and more.
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Bricks, Buck$ And Bytes
Human Touch in Construction Sales, False Tech Solutions, and Large Company Lawsuits - Bricks, Bucks & Bytes
"Try to keep all your human touch points and automate them on the backend."
In today's episode of Bricks, Bucks and Bytes, we dive into the world of B2B marketplaces in construction. We explore why human touch points are crucial for success, especially in an industry built on trust and relationships.
We also discuss the recent lawsuit between Oracle and Procore, where Oracle accuses a former employee of stealing trade secrets related to payment management software.
Plus, we explored HomeBoost, a startup offering simplified energy assessments for homes using AI. But is it too good to be true?
Tune in to find out about:
✅ The pros and cons of AI-powered home energy assessments
✅ The potential impact of the Oracle vs. Procore lawsuit on the construction tech industry
✅ Why B2B marketplaces in construction need to maintain human interactions
✅ The increasing trend of investors suing portfolio companies in recent years
Ready to dive deeper? Listen to the full episode on Spotify and join the conversation!
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Bricks, Buck$ And Bytes
5 Things Founders Control During Fundraising That Most Don't Know About - Bricks, Bucks and Bytes
"VC is rocket fuel. Do not spend it on a Fiat 500. Only put very expensive rocket fuel if you're actually building a rocket."
In today's episode of Bricks, Bucks and Bytes, we got to learn about Speckle's recent Series A raise, showcasing the renewed liquidity in early-stage funding for 2024.
We also discovered that the construction tech sector saw impressive growth in seed stage funding sizes during Q3 2023, signaling a positive shift in the market.
Plus, we gained invaluable insights from Patrick Hellermann on what really makes VCs tick when it comes to investing in startups.
Tune in to find out about:
✅ The magic "100x potential" that VCs are looking for
✅ Why information asymmetry is your secret weapon between fundraising rounds
✅ How to leverage social validation to your advantage
✅ The power of building a rockstar team to secure funding
Listen to the full episode on Spotify and arm yourself with the knowledge to make your next pitch irresistible!
Sign up to the #1 Newsletter In Construction Tech. Join over 1,000 like-minded Founders, Investors and Techies disrupting the way we build. Forever : https://bricks-bytes.beehiiv.com/subscribe
LinkedIn: https://www.linkedin.com/company/bricks-bytes/
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Bricks, Buck$ And Bytes
Speckle's $12.5M Funding - How Open Source Software Is Changing Construction Design
Speckle's $12.5M Series A: A Game-Changer for AEC Data Infrastructure
In today's episode of Bricks, Bucks and Bytes, we got to learn about Speckle's impressive $12.5 million Series A funding round, led by Addition, to build the first data hub for the AEC industry.
We also learned about Rexel's rejection of an unsolicited $8.5 billion takeover bid from QXO, signaling potential shifts in the building materials distribution landscape.
Additionally, we gained insights into Patrick Hellermann's framework for evaluating potential investors, emphasizing the importance of avoiding detrimental influences over perceived value-add.
Tune in to find out about:
✅ Speckle's open-source approach to AEC data infrastructure
✅ The potential impact of QXO's ambitious plans on the building materials distribution sector
✅ Key considerations for startups when evaluating corporate investors
✅ The importance of prioritizing non-interference and quality input from investors
Listen to the full episode on Spotify to dive deeper into these fascinating topics in construction tech and venture capital.