Brookfield becomes latest investor to back proptech startup VTS
Brookfield Asset Management has become the latest institution to back property-technology startup VTS.
VTS said it’s Series D fundraising, which received $90m capital, was led by Brookfield’s technology investment arm and was joined by other new investors including strategic investors GLP and Tishman Speyer, as well as previous investor Fifth Wall, among others.
Josh Raffaelli a managing director at Brookfield Ventures will join VTS’ board of directors.
Prior to this round, the commercial real estate leasing and asset management platform had raised more than $100m.
The VTS platform manages more than 10bn sqft of commercial real estate and has a user base exceeding 35,000. Its client roster includes Blackstone, Brookfield, GLP, LaSalle Investment Management, Hines, Boston Properties, Oxford Properties, JLL, and CBRE.
VTS said the proceeds from the round will enable the firm to “deepen its investment” in its platform for leasing and asset management domestically and internationally.
The capital will also help accelerate the launch of the only end-to-end commercial real estate leasing marketplace – truva – which will be live later this year, it said.
Raffaelli said VTS has been one of the most impactful technology platforms “we’ve incorporated into our organization and we are excited to be playing a part in their future”.
Nick Romito, co-founder, and CEO of VTS said: “This funding will enable us to accelerate the pace at which we build the best technology for commercial real estate landlords, brokers, and tenants, as we arm them with the sophisticated solutions they need to win in a rapidly changing environment.”
Ryan Masiello, co-founder and chief strategy officer, VTS, said: “This announcement signifies the clear shift that’s taking place in commercial real estate – never before have we seen the world’s leading owners playing such a key role in driving transformation in our industry.”