VTS, a New York-based company has announced they've raised an additional $90 million in Series D funding led by Brookfield Ventures. In total the startup has gleaned $187.4 million since it's entry seven years ago. According to the company, this funding round makes VTS the largest software venture in CRE history.
According to the Wall Street Journal, the Series D funding values the company at over $1B, which makes one of the 20 or so "unicorn" startups valued at $1B or more.
Other investors in this round included GLP and Tishman Speyer, as well as Fifth Wall, along with others. VTS' Saas business model innovation has had revenue growth of 70% year on year in 2018, according to the company's press. VTS says its software empowers landlords to convert leads into leases 41% faster with data-led strategies. Josh Raffaelli, Managing Director, Brookfield Ventures, offered this:
“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."
Back in 2016, VTS and competitor Hightower merged to grow square footage of office, retail, and industrial assets managed from a combined 2 billion to 10 billion by the end of 2018. The proptech company now boasts of over 35,000 users which include brands like Jones Lang LaSalle and Blackstone.
Nick Romito, Co-Founder, and CEO of VTS offered this via press release:
“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. 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.”
The new funding will be used to enhance the VTS platform, according to the company press. VTS also plans to accelerate the launch of its commercial real estate (CRE) marketplace, Truva, slated to go live later this year.