Q1 of 2016: New Partners, New Investors and $55 Million in Series C Funding
To say that the past few months have brought some exciting changes to VTS would be a tremendous understatement. The first quarter of 2016 was our best ever and saw us enter into new partnerships with industry powerhouses such as Lasalle Investment Management, Angelo, Gordon & Co. and more. These companies joined the ranks of other CRE industry giants like Blackstone, Boston Properties, Hines, and Clarion Partners, who use VTS every day to manage their portfolios, collaborate with their teams and streamline their workflow.
Major funding, fueled by top investors
Along with these new partnerships, we closed out our Series C funding having raised $55 million in capital. Not only was this the largest funding round ever for a commercial real estate technology company, it also made us the most well-funded tech company in the entire industry.
This was all made possible thanks to Insight Venture Partners, who led this round with participation from two of our past investors, OpenView and Trinity Ventures. Insight Ventures is a leading global private equity and venture capital firm that invests solely in technology companies their mission is to find, fund and work successfully with visionary executives and we are thrilled that they have chosen to work with us.
Working to build the ultimate ecosystem
Clearly we’ve been gaining some major momentum, but the real question is how do we plan to leverage it? We want to use these new partnerships and funds to become the single platform where the entire commercial real estate industry is managed.
The first quarter of 2016 got us well on our way of achieving this goal. We extended our comprehensive market intelligence platform to include data from CompStak, MRI Software, Yardi, Argus, Oracle and more, providing our users with one dashboard where they can view key information from all of these platforms.
We’ve also been growing dramatically, with more than 2.7 billion square feet currently being managed on our platform and over 12 thousand users. We’re also working to expand our reach internationally and have been rapidly ramping up our London office to provide top commercial real estate technology to UK owners and brokers.
Over the course of the next few months we will be releasing exciting new features that will help us build the one commercial real estate ecosystem where landlords and brokers collaborate, streamline workflow, and make real-time decisions with competitive market insights.
Be sure to check back here regularly for more updates on VTS and the commercial real estate industry.