Vendor Procurement Platform VendorPM Raises $6M

VendorPM, a Canadian marketplace that lets property managers source, procure and manage service vendors, has raised $6 million in seed funding, according to a press release on Tuesday (Feb. 1).

The round, led by Bessemer Venture Partners along with PropTech and real estate investors, will let VendorPM finance continued product innovation, hire new talent and expand into targeted growth markets in the U.S.

Based in Toronto and led by CEO Emiel Bril, VendorPM provides a Software-as-a-service (SaaS) centralized platform that lets property management companies streamline and organize vendor data and operations.

“Thousands of property managers use 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 company said.

The platform supports more than 400 building services, including maintenance, operations, capital expenditures and professional services.

In less than two years of operation, VendorPM has scaled it business to cover more than 5,000 buildings, 30,000 vendors and 100 property management firms, including relationships with BentallGreenOak, Cushman & Wakefield and Avison Young.

Read more: Rental Market Platform Azibo Nets $19M for Hiring, Scale Push

Last month, PYMNTS reported on a funding round for another FinTech in the property space. Azibo, a one-stop shop finance program for rental properties, wrapped a $19 million Series A on Jan. 12.

“Since launching the company, we’ve focused on building an all-in-one platform that simplifies rental property finances and levels the playing field for independent landlords and everyone they interact with,” said Chris Hsu, CEO and co-founder of Azibo. “With this funding, we will accelerate our priorities of delivering innovation on our core products, driving commercial success, creating awareness in the market and building out our amazing team.”

The funding will help the firm hire new talent, in addition to boosting product innovation and scale go-to-market efforts. Azibo plans to spend the year building its platform the rental property ecosystem, which will allow landlords to interact in new ways with renters, property managers and vendors.