This article was originally published on February 1, 2022.
Canadian Proptech Startup Begins Aggressive Expansion Into the US Market
TORONTO, ON (February 1, 2022) – VendorPM, a software-enabled marketplace that modernizes the way property managers manage, source and procure service vendors, announced its $6 million seed round, led by Bessemer Venture Partners as well as leading proptech and real estate investors. This investment will support VendorPM’s continued product innovation, hiring of exceptional talent, as well as expansion plans into targeted growth markets across the US.
Property managers in North America spend over $400 billion to service their buildings each year but still rely on old-school methods such as email, excel spreadsheets and word-of-mouth. This is highly inefficient for property managers and leaves head-office with limited visibility and control. The first to truly modernize the workflow, VendorPM’s SaaS tool bridges the gap via its centralized platform, allowing property management companies to streamline and organize vendor data and operations.
The company currently manages a two-sided marketplace across Canada in support of both property managers and service vendors. Thousands of property managers turn to VendorPM to organize all aspects of their vendor relationships and resources, while vendors use the platform to market their services and provide quotations and proposals. The platform supports 400+ building services across maintenance, operations, capital expenditures and professional services.
In less than 2 years, VendorPM has seen 20x revenue growth, and has rapidly scaled its business to cover more than 5,000 buildings, 30,000 vendors and 100 property management firms, including notable relationships with BentallGreenOak, Cushman & Wakefield | Stevenson, and Avison Young.
“For property managers, working with vendors is still highly manual and inefficient. VendorPM is on a mission to modernize vendor management, sourcing and procurement through a consolidated marketplace,” said Emiel Bril, CEO of VendorPM. “We are thrilled to be partnering with the team at Bessemer to expand from Canada into the US while continuing to build the best-in-class vendor technology for property management.”
“We’re excited to partner with VendorPM to help drive their continued expansion into important new markets ripe for this crucial technology, especially as the world begins to recalibrate post-pandemic.” said Mike Droesch, Partner at Bessemer Venture Partners. “We were impressed with the product that VendorPM is already delivering to their customers across Canada, and we look forward to further elevating them on their mission of empowering property managers and vendors to build better relationships through data and transparency.”
VendorPM improves the way property management companies work with service vendors. We do this by improving day-to-day efficiency for site staff while enhancing visibility and control for head office across 4 core functions: vendor management, sourcing, procurement and compliance. In less than 2 years, VendorPM supports over 5,000 buildings and 30,000 vendors and is rapidly expanding into new markets across Canada and the USA.
About Bessemer Venture Partners
BVP helps entrepreneurs lay strong foundations to build and forge long-standing companies. With more than 135 IPOs and 200 portfolio companies in the enterprise, consumer and healthcare spaces, Bessemer supports founders and CEOs from their early days through every stage of growth. Bessemer’s global portfolio includes Pinterest, Shopify, Twilio, Yelp, LinkedIn, PagerDuty, DocuSign, Wix, Fiverr and Toast and has $9 billion of capital under management. Born from innovations in steel more than a century ago, Bessemer’s storied history has afforded its partners the opportunity to celebrate and scrutinize its best investment decisions (see Memos) and also learn from its mistakes (see Anti-Portfolio).