VendorPM, a Toronto, Canada-based marketplace connecting building managers and service vendors, announced that it has raised $20 million in Series A funding.
Prudence led the round, with contributions from Bessemer Venture Partners, Navitas Capital, and Alate Partners. Colliers and RXR are among the strategic investors in the round, as are notable angels such as Dick Costolo (former CEO of Twitter), Mark Rose (Chairman & CEO of Avison Young), and others.
This latest round of funding comes on the heels of VendorPM's recent $6 million seed round led by Bessemer Venture Partners and will allow the company to continue reinvesting in building out its world-class team and platform. VendorPM will address the high market demand while also supporting its expansion into additional U.S. markets such as Chicago, IL, and Washington, DC.
Furthermore, the new funding round will allow VendorPM to develop new product offerings for both service vendors and property managers, such as new payment technology solutions, to enable an increasingly frictionless workflow with a comprehensive platform experience from procurement to payment.
Company: VendorPM Ltd.
Raised: $20.0M
Round: Series A
Funding Month: Aug 2022
Lead Investors: Prudence
Additional Investors: Bessemer Venture Partners, Navitas Capital, Alate Partners, Colliers, RXR, Dick Costolo, and Mark Rose
Company Website: https://vendorpm.com/
Software Category: Property Management Software
About the Company: 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, the VendorPM SaaS platform and marketplace serve 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.
Source: https://www.businesswire.com/news/home/20220823005207/en/VendorPM-Closes-20M-Series-A-To-Scale-Commercial-Real-Estate-Vendor-Marketplace-Across-North-America