US-based commercial real estate software developer VTS secured $90m on Tuesday in a series D round that included real estate developer Tishman Speyer and logistics and property manager Global Logistics Properties.
The round was led by Brookfield Ventures, the venture capital arm of asset management firm Brookfield Asset Management, and also featured Fifth Wall, the real estate-focused VC firm that counts several corporate backers among its limited partners.
Founded in 2012 as View the Space, VTS has developed software that allows landlords and brokers to digitise their leasing and asset management operations.
The platform is used to manage lease information and tenant relationships, access market data and analyse, approve or reject deals. VTS plans to launch a commercial real estate leasing marketplace, called Truva, later this year.
The company’s customers include property managers Oxford Properties and Boston Properties, private equity firm Blackstone and real estate services firm CBRE in addition to GLP and Brookfield.
Nick Romito, co-founder and chief executive 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.”
VTS raised $55m in a 2016 series C round led by Insight Partners that also featured OpenView and Trinity Ventures. OpenView had already led a $21m series B round for the company in July 2015 that included Trinity Ventures, six months after a $3.3m investment from funds managed by Blackstone.
Fifth Wall participated in the series D round as an existing investor, though it is unclear when the firm made its initial investment.
View the Space merged with fellow commercial real estate platform Hightower in 2016. Hightower had accumulated approximately $8.6m in funding from Bessemer Venture Partners, Thrive Capital, RRE Ventures, Red Swan Ventures and several private investors.