The real estate leasing and asset management platform has raised $90m to launch a global scale-up campaign, in what is believed to be the largest venture financing made for commercial property software.
The Series D investment round was led by Brookfield Ventures, the technology investment arm of Brookfield Asset Management.
Other investors include GLP and Tishman Speyer, as well as previous investor Fifth Wall. Prior to this round, the firm had raised over $100m in funding.
The funding reportedly values the business at $1bn, which would make it among the first proptech unicorns, the nickname for privately owned companies valued at $1bn or more.
VTS said the investment will allow the company to deepen investment in its platform domestically in the US and internationally, and accelerate the launch of its end-to-end commercial real estate leasing marketplace.
VTS added that the round “marks the first time several leading institutional real estate investors have made an investment of this magnitude in a property technology company”.
Nick Romito, co-founder, and CEO of VTS, said there’s no “truer validation as a founder when your customers invest in your product” and the funding will enable the firm to “accelerate the pace” at which it builds the technology for commercial real estate landlords, brokers, and tenants, to “arm them with the sophisticated solutions they need to win in a rapidly changing environment.”
Josh Raffaelli, managing director of Brookfield Ventures, will join the VTS board. He said: “VTS has been one of the most impactful technology platforms we’ve incorporated into our organisation and we are excited to be playing a part in their future.”
Ryan Masiello, co-founder and chief strategy officer of VTS, added: “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.”
Founded in 2011 in New York, the firm developed the platform to helps landlords and brokers transform their leasing process with the aim of maximising revenue and performance. Used by more than 700 global, regional and local landlords, the software currently manages 10bn sq ft of office, retail and industrial assets.
High-profile customers include Blackstone, CBRE, JLL, RXR, LaSalle Investment Management, Hines, GLP and Boston Properties.