VendorPM, a marketplace modernizing vendor sourcing and procurement for property managers, announced raising a $6 million seed round led by Bessemer Venture Partners, according to a press release.
The company says it will use the funding to continue product innovation, and push expansion of its team and market entry across the U.S.
While property managers spend over $400 billion every year servicing their buildings, many still rely on old-school methods, including email, spreadsheets and word-of-mouth, according to the release.
In order to reduce these inefficiencies, VendorPM provides a centralized platform for property managers and property management companies to organize vendor data and streamline operations.
“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,” VendorPM CEO Emiel Bril stated in the release.
“We are thrilled to be partnering with the team at Bessemer to expand from Canada into the U.S. while continuing to build the best-in-class vendor technology for property management,” he said.
VendorPM currently manages a two-sided marketplace in Canada, supporting over 400 building services across maintenance, operations, capital expenditures and professional services, and has seen 20x revenue growth in the past two years.
The firm now covers more than 5,000 buildings, 30,000 vendors and 100 property management firms, including BentallGreenOak, Cushman & Wakefield | Stevenson, and Avison Young.
“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,” said Bessemer Venture Partner Mike Droesch.
In other recent proptech news, e-commerce construction platform RenoRun raised a $142 million Series B co-led by Tiger Global and Sozo Ventures. Barings also appointed a new head of research and strategy for real estate investments.