VTS raises $90M to join the ranks of unicorns

CRE tech firm's valuation crosses $1B mark; it is yet to break even

National /
May.May 07, 2019 10:15 AM
VTS co-founder Nick Romito (Credit: iStock)

VTS co-founder Nick Romito (Credit: iStock)

Real estate tech firm VTS has raised $90 million in its latest funding round, an investment that catapults it into the ranks of unicorns, or startups valued at $1 billion or more.

Brookfield Asset Management and GLP, two of the world’s biggest landlords, led the Series D funding round, the firm announced Tuesday. The round is one of the biggest-ever venture investments in the commercial real estate space.

The funding makes VTS one of about 20 firms in property technology to become a unicorn, according to the Wall Street Journal.

VTS, led by Nick Romito and Ryan Masiello, launched in 2012 as a marketing-service called View The Space. It evolved into a full-service cloud-based leasing portfolio management software used by some of the biggest landlords in the country, and claims to have about 10 billion square feet of space on its system.

The funding will help support Truva, a new online leasing marketplace that VTS plans on launching this year. It will help landlords and tenants do deals, occasionally without using brokers.

VTS tracks tenants in roughly 47,000 buildings across 13 markets in the U.S. and in more than 35 countries. Other investors include Blackstone Group and Tishman Speyer. It last raised $55 million in a Series C round in May 2016. A few months later, the company merged with its biggest competitor, Hightower. The founder of that firm, Brandon Weber, stepped back from the combined firm last September.

VTS charges landlords roughly 3 cents per square foot for its services. The firm does not release income or revenue, but Romito told the Journal it is near break-even. [WSJ]  – Eddie Small


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
Eric Gordon
Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
Big Tech locations in NYC
MAP: Here’s a look at all the Big Tech locations in NYC
MAP: Here’s a look at all the Big Tech locations in NYC
Turnbridge Equities founder Andrew Joblon, KKR co-founder Henry Kravis and the distribution center (Getty, Turnbridge)
Turnbridge, Dune land $381M loan for Hunts Point site
Turnbridge, Dune land $381M loan for Hunts Point site
Ribbon co-founders Shaival Shah and Wei Gan (Ribbon, iStock)
Homebuying startup Ribbon to take on Midwest, West Coast markets
Homebuying startup Ribbon to take on Midwest, West Coast markets
Deconstruct Podcast
Now streaming: the debut episode of Deconstruct, TRD’s new podcast
Now streaming: the debut episode of Deconstruct, TRD’s new podcast
Vanbarton Group’s Gary M. Tischler and Richard Coles with Marble Collegiate Church at 1 West 29th Street (Getty)
Vanbarton Group, church sued by foreign investors in fallout from HFZ debacle
Vanbarton Group, church sued by foreign investors in fallout from HFZ debacle
Measurabl CEO Matt Ellis
Real estate sustainability platform Measurabl raises $50M in Series C round
Real estate sustainability platform Measurabl raises $50M in Series C round
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...