Proptech startup VendorPM collects C$20m in Series A financing

Prudence, a New York-based early-stage venture capital firm investing in technology companies in the real estate sector, led the round.

  • Other backers included Bessemer Venture Partners, Navitas Capital and Alate Partners
  • The funding will enable the company to continue to build out its team and platform
  • VendorPM serves close to 40,000+ vendors, 120+ property management groups, and 5,000+ buildings across the US and Canada

VendorPM, a Toronto-based marketplace connecting building managers and service vendors, has collected C$20 million in Series A financing. Prudence led the round with participation from other backers that included Bessemer Venture Partners, Navitas Capital and Alate Partners.

This latest funding round, which follows VendorPM’s recent $6 million seed round led by Bessemer, will enable the company to continue to reinvest in building out its team and platform. Also, it will help the build out of new product offerings for both service vendors and property managers.

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 US cities. 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 its US footprint, already having undergone a market entry into Chicago.

“Property managers in North America alone spend over $400 billion to service their buildings each year and almost all of this spend is procured, managed and paid manually,” said Gavin Myers, managing partner of Prudence, in a statement. “VendorPM is building the automation layer for this massive segment and we’re thrilled to partner with Emiel and the rest of the VendorPM team as they address this global opportunity.”

Prudence is a New York-based early-stage venture capital firm investing in technology companies in the real estate sector.