Asset management and leasing platform VTS has closed a $55 million funding round. According to company co-founder and CEO Nick Romito, this Series C is the largest venture funding round in the history of commercial real estate technology. To date, the startup has raised a total of $84 million in capital, positioning the company as the most well-funded technology company in the industry. This round was led by New York-based venture capital and private equity firm Insight Venture Partners with participation from previous investors OpenView and Trinity Ventures.
“This is a huge milestone for any company,” Romito told propmodo.com. “Raising this size round from an investor like Insight in a vertical SaaS space like commercial real estate sends the market a strong signal. They did their diligence and they only pick winners. Our entire team couldn’t be more grateful for the opportunity and have never been hungrier to build the platform the entire industry wants to call home.”
Romito said the capital will support VTS’s global expansion and its mission to build the one commercial real estate ecosystem where landlords and brokers collaborate and streamline their workflow. The platform continues to evolve with the integration of key data resources like Argus, MRI, S&P Capital IQ, CompStak and iPreo.
The commercial real estate industry is at a tipping point, and the most successful players in the market are driving a movement to a single platform.
Since its launch in 2012, the VTS platform has become a comprehensive ecosystem where owners and brokers can manage deal activity, identify trends and quantify portfolio performance all from one dashboard. Landlords can track leasing trends across their portfolio and monitor their marketing efforts, among other things. Brokers and tenant reps can also use the platform to manage their leasing pipeline and workflows.
Jeff Horing, Managing Director of Insight Venture Partners, said in a statement: “VTS is changing the commercial real estate industry through the use of innovative technology and real-time analytics that empower industry leaders to make smart, data-driven decisions.”
With more than 2.7 billion square feet of real estate under management, VTS now has 8 of the top 10 global investment managers on its platform and just completed its best quarter ever. Several iconic properties are managed in the platform including the Willis (Sears) Tower.
“The commercial real estate industry is at a tipping point,” says Romito. “The most successful players in the market are driving a movement to a single platform — that platform is VTS. We’re working together with them to develop the platform the industry’s wanted for a very long time.”