The New York-based commercial real estate management platform was valued at $200m as part of the deal, in a round that was one of the largest ever in commercial real estate.
The raise was led by Insight Venture Partners, with participation from OpenView Venture Partners and Trinity Ventures.
“This is not a consumer market play. It’s a vertical fast play,” said Ryan Masiello, VTS’ chief revenue officer and co-founder, referring to the winner-take-all environment that enterprise software companies operate in. “To successfully raise a Series C, it’s really, really hard,” and needs investors to see a track record of revenue growth and market dominance, he added. Insiders said the firm is looking at a 2016 revenue target of $14 million, primarily in the form of subscription fees. Clients include some of the city’s biggest landlords, such as SL Green Realty and RXR Realty, brokerages such as CBRE and JLL, and real estate investors such as LaSalle Investment Management.