Represents the largest software round in commercial real estate history
NEW YORK -- May 7, 2019 -- 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.
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.
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.
For Brookfield Ventures
Gasthalter & Co.