Leasing and management platform VTS has announced a $90 million Series D funding round – believed to be the largest venture financing in the history of commercial real estate software.
The round is led by Brookfield Ventures, the technology investment arm of Brookfield Asset Management, a VTS customer.
Other new investors include GLP and Tishman Speyer, as well as previous investor Fifth Wall, among others. Prior to this round, VTS had raised more than $100 million.
The investment marks the first time several leading institutional real estate investors have made an investment of this magnitude in a property technology company.
The proceeds from the round will enable VTS to deepen its investment in its platform for leasing and asset management domestically and internationally, as well as accelerate the launch of its end-to-end commercial real estate leasing marketplace – truva – which will be live later this year.
In 2018, VTS announced the launch of the industry’s first-ever real-time benchmarking and market analytics tool, VTS MarketView.
“VTS has been one of the most impactful technology platforms we’ve incorporated into our organization and we are excited to be playing a part in their future. VTS’ market leading technology platform has transformed the way the industry operates, and we’re incredibly excited to partner with them in this new capacity,” said Josh Raffaelli, Managing Director, Brookfield Ventures, who will also be joining VTS’ Board of Directors.
Currently, more than 10 billion square feet of office, retail, and industrial assets are managed on VTS globally by more than 700 local landlords – the equivalent of almost 3,000 buildings the size of One World Trade Center.
“There’s no truer validation as a founder when your customers invest in your product and we’re thrilled to welcome Brookfield Ventures and GLP as our partners, alongside return investor Fifth Wall, as we enter the next phase of growth,” said Nick Romito, co-founder, and CEO of VTS.
“This funding will enable us to accelerate the pace at which we build the best technology for commercial real estate landlords, brokers, and tenants, as we arm them with the sophisticated solutions they need to win in a rapidly changing environment.”
“This announcement signifies the clear shift that’s taking place in commercial real estate – never before have we seen the world’s leading owners playing such a key role in driving transformation in our industry. We believe the real winner here is the market as a whole, not just the individual players,” said Ryan Masiello, co-Founder and Chief Strategy Officer, VTS.