VendorPM

About VendorPM

VendorPM provides a software-as-a-service (SaaS) enabled marketplace designed to modernize vendor and property management workflows. The platform offers an end-to-end solution that unifies vendor credentialing, e-tendering, and contract management in a single interface. It is designed for property managers, property management executives, and service vendors across all real estate asset classes, including residential, office, and retail.

The company was founded in Toronto, Canada, at the end of 2019 by CEO Emiel Bril. Bril's experience began at age 14 with a window cleaning business that eventually expanded to service commercial properties. This work revealed to him the manual and inefficient processes, reliant on email and spreadsheets, that characterized the interactions between property managers and vendors. Recognizing an opportunity for modernization, Bril founded VendorPM to streamline these workflows. The initial launch occurred in January 2020.

VendorPM's business model is centered on monthly subscription fees. The platform operates as a two-sided marketplace connecting property management firms with a network of service vendors. Property managers use the platform for vendor sourcing, procurement, and compliance management, while vendors can market their services to a large network of buildings and property managers. The company plans to add a future revenue stream through payment technology solutions.

The platform's key features include tools for vendor onboarding and credentialing, risk and compliance management, AI-assisted e-bidding and procurement, and contract management. It provides centralized data and reporting, allowing for greater visibility and control over operations. Recent enhancements include an AI-Procurement CoPilot for intelligent recommendations, Yardi ERP integration for synchronized workflows, and customizable RFX templates. By 2022, the platform supported over 400 building services. VendorPM has expanded across Canada and into U.S. markets, including Chicago and Washington, D.C. As of August 2022, the company served over 120 property management groups, 5,000 buildings, and nearly 40,000 vendors. Notable clients include Colliers, Avison Young, and BentallGreenOak.

VendorPM has raised a total of $26 million over three funding rounds. This includes a $6 million seed round in February 2022, led by Bessemer Venture Partners, and a $20 million Series A round in August 2022, led by Prudence. Other prominent investors include Navitas Capital, Alate Partners, and angel investors such as former Twitter CEO Dick Costolo.