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 BuiltWorlds member Navitas Capital, Bessemer Venture Partners, 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.
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