VendorPM raises $6M to scale its market for property managers and repair distributors

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VendorPM, a Toronto-based market that connects property managers with respected distributors, has raised $6 million in seed funding led by Bessemer Enterprise Companions. The software-enabled market goals to modernize the way in which property managers handle, supply and procure service distributors. The startup at the moment manages a two-sided market throughout Canada in assist of each property managers and repair distributors.

The platform helps over 400 constructing companies throughout upkeep, operations, capital expenditures {and professional} companies. Previously two years, VendorPM has scaled its enterprise to cowl greater than 5,000 buildings, 30,000 distributors and 100 property administration corporations, together with notable relationships with BentallGreenOak, Cushman & Wakefield | Stevenson and Avison Younger.

VendorPM CEO Emiel Bril informed TechCrunch in an e mail that the startup was born out of his personal expertise throughout the service trade.

“I first entered the service trade on the age of 14, going door to door promoting window cleansing companies,” Bril stated. “By the point I used to be 20, I had labored my manner as much as servicing business properties, which make clear the most important inefficiencies of vendor/property administration relationships. After promoting my window-cleaning enterprise, I got down to streamline the way in which distributors and property managers work collectively beneath one single login, and that’s how VendorPM was born.”

Picture Credit: VendorPM

VendorPM notes that property managers in North America spend billions to service their buildings annually however nonetheless depend on outdated strategies comparable to e mail and Excel spreadsheets. The objective of the startup’s SaaS software is to bridge this hole by way of its centralized platform and to permit property administration firms to streamline and manage vendor information and operations.

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The corporate goals to reinforce day-to-day effectivity for web site workers whereas enhancing visibility and management for head workplaces throughout 4 core capabilities, which embody vendor administration, sourcing, procurement and compliance. VendorPM says property managers flip to its platform to arrange their vendor relationships and assets, whereas distributors use the platform to market their companies and supply quotations and proposals.

The startup’s seed funding will likely be used to assist its continued product innovation, hiring and growth plans into focused development markets throughout the USA. Bril outlined that the funding will largely be allotted towards enhancing person experiences throughout the VendorPM platform. When it comes to the longer term, Bril stated the corporate’s growth into the USA is the subsequent step in its objective to turn into a worldwide market for service distributors.

“VendorPM is modernizing the way in which property managers and distributors work collectively,” Bril stated. “We envision a world that’s not reliant on paper, e mail, Excel or word-of-mouth and, on this pursuit, have created one log-in that covers the complete ‘vendor’ workflow. We’re on observe to turn into the worldwide, category-defining SaaS-enabled market for service distributors and property managers, and this growth into the U.S. is the subsequent step in that course of.”