TORONTO--(BUSINESS WIRE)--VendorPM, a marketplace connecting building managers and service vendors, today announced that it has raised $20 million in Series A funding led by Prudence with significant contribution from Bessemer Venture Partners, Navitas Capital and Alate Partners. Strategic investors in the round include Colliers and RXR alongside notable angels; Dick Costolo (Former CEO of Twitter), Mark Rose (Chair & CEO of Avison Young) and others.
This latest funding round follows VendorPM’s recent $6 million seed round led by Bessemer Venture Partners, and will enable the company to continue to reinvest in building out their world-class team and platform. In doing so, VendorPM will address the strong market demand as well as support their expansion into additional U.S. markets including Chicago, IL and Washington, DC. Additionally, the new funding round will enable VendorPM to build out new product offerings for both service vendors and property managers including new payment technology solutions to enable an increasingly frictionless workflow with a comprehensive platform experience from procurement to payment.
The VendorPM SaaS platform and marketplace supports over 5,000 buildings and close to 40,000 service vendors across major Canadian cities and a growing number of U.S. cities. Building managers use VendorPM for its modern, standardized approach to vendor management, sourcing, procurement and compliance. Regardless of asset class, VendorPM is the single most efficient way to obtain multiple bids across every building service and simplify the many steps that come before and after. As a result, leading property management firms across North America are evolving old school practices such as email and word of mouth, to using VendorPM to unlock standardized visibility and control into what has been a rather opaque workflow to date. Currently hosting 120+ leading commercial real estate organizations and property management groups including Colliers, Golub & Co, Avison Young, BentallGreenOak and more, VendorPM plans to aggressively expand their U.S. footprint, already having undergone a strong market entry into Chicago, Illinois.
“Our industry’s need for modernization has never been felt like this before. People are getting busier and their budgets are getting tighter. We can not expect different results if we don’t improve and innovate,” said CEO Emiel Bril. “That is why our industry is turning to VendorPM; to cut operating costs in a meaningful way while enabling their teams to buy-back precious time in an otherwise outdated workflow. This $20 million investment will ensure that as our users' expectations increase, we continue to raise the bar, and set a new industry standard.”
“Property managers in North America alone spend over $400 billion to service their buildings each year and almost all of this spend is procured, managed and paid manually,” said Gavin Myers, Managing Partner of Prudence. “VendorPM is building the automation layer for this massive segment and we’re thrilled to partner with Emiel and the rest of the VendorPM team as they address this global opportunity.”
VendorPM is a software-enabled marketplace that modernizes how property managers work with vendors through enhancing vendor management, sourcing, procurement & compliance. This one-of-a-kind two-sided marketplace allows property managers to connect with vendors to fulfill projects and contracts of all sizes and scopes while enabling vendors to effortlessly market their services. Today, VendorPM serves close to 40,000+ vendors, 120+ property management groups, and 5,000+ buildings across the US and Canada. Notable users include Colliers, Golub & Co., Avison Young, BentallGreenOak, and many more.
Prudence is an early-stage venture capital firm investing in technology companies leading the global transformation of the real estate sector. Prudence is an early investor in companies such as Casafari, Compass (COMP), CREXi, Evernest, Hemlane, Maxwell, Morty, Properly and Sundae. The firm is headquartered in New York City and has an office in London. Learn more at www.prudence.vc.