Proptech firm offering commercial real estate leasing and asset management platforms, VTS, has announced a recent funding of $90 million in a series D round. VTS claims the round is one of the largest venture financing for commercial real estate software to date.
Brookfield Ventures, the technology investment arm of Brookfield Asset Management and a VTS customer, led the round. Other new investors include industrial space giant GLP and Tishman Speyer, which are both also VTS customers, as well as previous investor Fifth Wall, a venture capital firm specializing in proptech.
“This funding will allow us to continue what we set out to do from our inception, to bring the commercial real estate leasing management process full circle for all parties involved," VTS CEO Nick Romito said.
"Our customers’ investment and feedback is being used to propel the development of VTS’ technology both internationally and domestically, specifically through the launch of our offering truva,” Romito said.
Truva is an online leasing marketplace that VTS will launch this year.
Before this round of funding, New York-based VTS, which was founded in 2012 as View The Space, had raised more than $100 million. Part of that was its Series C round about two years ago, when the company raised $55 million. Not long afterward, VTS merged with competitor Hightower.
The Series D funding values the company at over $1 billion, reports The Wall Street Journal, adding it to the ranks of private "unicorn" startups valued at $1 billion or more. Only about 20 proptech companies are large enough to be unicorns.
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