Property Development

Real Estate Startup Joins $1bn ‘Unicorn’ Club

Real Estate Startup Joins $1bn ‘Unicorn’ Club
Written by The ReReport
As seen in the Source link, written by on 2019-05-09 14:33:21

VTS is also planning to use the money raised to accelerate the launch of its commercial real estate marketplace, Truva, which is slated to go live later this year.

The $130 million investment marks the first time several leading institutional real estate investors have made an investment of this magnitude in a property technology company.

This latest round, led by Brookfield Ventures, one of the company’s largest customers, will enable VTS to accelerate the pace at which it builds its proptech for commercial real estate landlords, brokers, and tenants.

“VTS has been one of the most impactful technology platforms we’ve incorporated into our organisation and we are excited to be playing a part in their future,” Brookfield Ventures managing director Josh Raffaelli said.

“VTS’ market leading technology platform has transformed the way the industry operates, and we’re incredibly excited to partner with them in this new capacity.”

VTS’ market leading technology platform has transformed the way the commercial real estate industry operates, with many analysts tipping the potential for rapid growth within the commercial real estate sector as well as other real estate markets.

In 2016, VTS merged with its then competitor Hightower and grew square footage of office, retail, and industrial assets managed from a combined 2 billion to 10 billion at the end of 2018.