Toronto-based SaaS startup VendorPM has closed a $6 million seed round led by Bessemer Ventures. Proptech and real estate inventors also participated in the financing, though their names were not disclosed.
Built in 2019, VendorPM’s platform enables property management companies to organize all aspects of their vendor relationships and resources. Its two-sided marketplace supports both property managers and service vendors, enabling the latter to market their services, as well as provide quotations and proposals.
The proptech startup said its technology supports over 400 building services across maintenance, operations, capital expenditures, and professional services.
“Property managers in North America spend over $400 billion to service their buildings each year but still rely on old-school methods such as email, excel spreadsheets and word-of-mouth,” VendorPM noted. “VendorPM’s SaaS tool bridges the gap via its centralized platform, allowing property management companies to streamline and organize vendor data and operations.”
In less than two years, VendorPM claims it has seen 20 times revenue growth, and scaled its business to serve more than 5,000 buildings, 30,000 vendors, and 100 property management firms, including BentallGreenOak, Cushman & Wakefield | Stevenson, and Avison Young.
VendorPM’s technology comes at a time where the property sector is widening its adoption of technology. Proptech Collective released a report last year that noted COVID-19 has accelerated the use of technology in both the real estate and construction industries. This indicates that Proptech startups are playing a key role in the future of the “physical space.”
The report also noted that early-stage proptech companies raise funding from large investors in Canada and the United States, which is the case for San Francisco-based Bessemer’s investment into VendorPM.
According to VendorPM, its new capital will support its product innovation, talent acquisition, and expansion plans into “targeted growth markets” across the United States with help from Bessemer.