VTS Announces $21 Million in Series B Funding from OpenView Venture Partners to Make Real-Time Tracking and Analytics Standard Across the Commercial Estate Industry
With more than 1.5 billion square feet of commercial real estate under management, VTS sets sights on major national and global expansion.
NEW YORK, NY — Located in one of the world’s most highly contested commercial real estate markets, New York-based VTS, the leading commercial real estate asset management and leasing platform, is transforming the $12 trillion commercial real estate business by providing real-time tracking and analytics software built specifically for landlords and brokers. To further cement their position as the new market standard, VTS announced today $21 million in Series B funding led by OpenView Venture Partners with participation from existing investors, bringing the company’s total funding to $32 million. Today’s news marks the single largest investment ever made in a commercial real estate software company.
By enabling landlords and brokers to manage deal activity, identify trends and quantify portfolio performance all in real-time from one unified platform, VTS empowers stakeholders to better manage, market, buy and sell their properties. And, with more than 1.5 billion square feet of commercial real estate under management, VTS is helping some of the industry’s largest landlords and brokerage firms, including Blackstone, TIAA-CREF and Jones Lang LaSalle, move well beyond the status quo in commercial real estate technology.
“VTS is fundamentally changing how brokers and landlords optimize their properties,” said Adam Marcus, Managing Partner at OpenView, who joins the company’s board. “OpenView has consistently backed SaaS category-leaders across verticals including healthcare, education, government and now real estate. After speaking with dozens of brokers and owners in the space, it became clear that VTS has become the market standard. We couldn’t be more excited to partner with the team to help them extend their category leadership in the CRE market.”
“We’re thrilled to work with OpenView and existing investors that together have deep domain expertise in both SaaS and real estate tech,” said Nick Romito, Co-Founder and CEO. “Having come from the world of commercial real estate, our team is fully aware of the challenges and needs of today’s brokers and landlords, but, we’re also aware of the massive opportunities. As one of the most networked industries in the world, commercial real estate is hungry for a single standard and VTS is stepping in to fill that role. We’re truly driving the shift to real-time data usage across the industry.”
“Up until now, commercial real estate decisions have been based on data that is typically 12 to 18 months old,” added Ryan Masiello, Co-Founder and Chief Revenue Officer. “We’re delivering an entirely new class of real estate analytics and in doing so, are enabling brokers and landlords to better identify market trends and quantify portfolio performance, which ultimately allows them to reduce downtime and drive more business.”
As one of the most highly networked industries in the world, commercial real estate has long needed a single platform through which brokers and owners can communicate, manage and track properties. VTS truly plays at the intersection and as such has become the defacto ecosystem for the commercial real estate industry.
VTS will use new funding to continue their expansion across North America and international markets.
VTS (formerly View The Space), a New York-based technology company, is the leading leasing and asset management platform built to provide real-time leasing and asset management data to the top landlords and brokerage firms in the world. VTS allows brokers and owners to manage deal activity, identify trends and quantify portfolio performance from their desktop or mobile device.
With over 1.5 billion square feet under management, VTS has been the driving force behind the industry’s shift towards real-time data and has quickly become the standard in the marketplace. For more information, visit http://www.vts.com or follow VTS on Twitter@ViewTheSpace.
About OpenView Venture Partners
OpenView Venture Partners is an expansion-stage B2B software venture capital firm with nearly $700 million in total capital under management. Founded in 2006 and headquartered in Boston, MA, OpenView provides its portfolio with value-add services throughOpenView Labs. Programs range from recruiting to market research and marketing and sales strategy. For more information, visitopenviewpartners.com.