One of North America’s largest property technology startups is opening a new engineering hub in Toronto as it seeks expansion for its Canadian operations.
VTS Inc. has been operating in Canada for 4 years with clients including Oxford Properties and Brookfield. It provides an end-to-end leasing platform on mobile phone and computer for commercial real estate owners and portfolio managers. They can use it to manage everything including financial analysis, paperwork, and lead generation.
VTS recently secured a U$90 million funding round from the venture capital arm of Brookfield Asset Management and is said to be valued at around $1 billion.
The Toronto operation will tap the city’s strong engineering talent pool and CRE customer base and is expected to employ a team of 50 or more by the end of 2020.
There could also be expansion to Vancouver and Montreal, Nick Romito, founder and chief executive officer of VTS told Bloomberg.
“We’re trying to use Toronto as a jumping off point for the rest of Canada,” Romito said.
At a recent company event, Romito said that the commercial real estate industry must embrace the huge digital transformation.
He said that it is natural to be wary but urged landlords to see the opportunity.
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