VTS,
the commercial real estate (CRE) industry’s leading leasing and asset
management platform, today 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 in the round include strategic
investors (and VTS customers) GLP and Tishman Speyer, as well as
previous investor Fifth Wall, among others. Prior to this round, VTS had
raised more than $100 million.
VTS’ platform is revolutionizing commercial real estate, an industry
valued at more than $15 trillion in the U.S. alone. This 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 the only
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.
VTS established the technology category for leasing and asset
management, which enables landlords and brokers to transform their
entire leasing process to maximize revenue and performance. Currently,
more than 10 billion square feet of office, retail, and industrial
assets are managed on VTS globally by more than 700 global, regional,
and 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. 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,” said Nick
Romito, Co-Founder, and CEO of VTS.
“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.
About VTS
VTS is the commercial real estate industry’s leading leasing and asset
management platform. Landlords use VTS to maximize portfolio performance
by transforming their leasing and asset management process and unlocking
real-time insights – enabling them to convert leads to leases 41% faster
and build data-led strategies. Brokers can manage their deal pipeline
and get tenants into empty spaces faster, collaborate across teams and
work easily with their landlord clients using VTS for Brokers.
The VTS platform manages more than 10 billion square feet of commercial
real estate, has a user base exceeding 35,000 and boasts an impressive
client roster that includes global leaders such as Blackstone,
Brookfield, GLP, LaSalle Investment Management, Hines, Boston
Properties, Oxford Properties, JLL, and CBRE.
About Brookfield
Brookfield Asset Management is a leading global alternative asset
manager with approximately $350 billion in assets under management. The
company has more than a 115-year history of owning and operating assets
with a focus on real estate, renewable power, infrastructure, and
private equity. Brookfield offers a range of public and private
investment products and services and is co-listed on the New York,
Toronto and Euronext stock exchanges under the symbol BAM, BAM.A and
BAMA, respectively. For more information, please visit our website at www.brookfield.com.
Brookfield Ventures is the technology investing arm of Brookfield Asset
Management. Founded in 2017, Brookfield Ventures seeks to partner and
invest growth equity into market leading technology companies that can
leverage the diverse real assets and operating businesses that make up
the $330+ billion Brookfield economy.
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