Toronto proptech startup VendorPM has raised $20 million in its Series A round led by Prudence, an early-stage venture capital firm focused on real estate technologies.
The other investors that contributed in the round are also largely made up of firms that play in the real estate space, including Navitas Capital, Alate Partners, Colliers, and RXR. Other participants consist of Bessemer Ventures, which led VendorPM’s $6 million seed round earlier this year, as well as angel investors Dick Costolo (former CEO of Twitter) and Mark Rose (CEO of Avison Young).
“This $20 million investment will ensure that as our users’ expectations increase, we continue to raise the bar, and set a new industry standard.”
– Emiel Bril, founder and CEO of VendorPM
Founded in 2019 by Emiel Bril, VendorPM offers a software-enabled marketplace that connects property managers with vendors to fulfill projects and contract work, such as
maintenance, operations, capital expenditures, and professional services.
VendorPM said more than 120 commercial real estate organizations and property management groups use its platform, including Colliers, Golub & Co, Avison Young, and BentallGreenOak. The startup claims that its two-sided platform serves over 40,000 vendors and around 5,000 buildings across Canada and the United States (US).
Since it announced its seed funding in February, VendorPM has grown its vendor network by around 10,000 and the number of firms it serves by over 20.
This new funding, according to VendorPM, will help the company in addressing what it said was strong market demand, as well as support its expansion into additional US markets.
VendorPM recently established its footprint in Chicago, and has announced plans to make inroads into Washington, DC.
Additionally, this injection of new capital will enable VendorPM to build out new product offerings for both service vendors and property managers, including new payment technology solutions.
“Our industry’s need for modernization has never been felt like this before. People are getting busier and their budgets are getting tighter,” said Bril. “This $20 million investment will ensure that as our users’ expectations increase, we continue to raise the bar, and set a new industry standard.”
Featured image from VendorPM’s blog post.