VendorPm Revenue & Funding (2024)

VendorPm generated an estimated $11.3M in annual revenue in 2024.

Bril declined to disclose specific revenue figures during the March 2022 interview, but described the company's growth rate as exceeding 100 percent year over year. He characterized VendorPm's growth as meeting what he called tier-one SaaS metrics for its stage, and when pressed on whether the company was growing at roughly 100 percent annually, he said simply, 'More than that.'

As of early 2022, VendorPm had approximately 5,000 buildings on the demand side of its marketplace, managed by roughly 2,000 property managers. On the supply side, 35,000 vendors had signed up. All of this activity was in Canada at the time of the interview, with a US launch underway.

Named customers on the platform included BentallGreenOak, Fengate, and Community Living Toronto. Annual contract value on the property management side ranged from $6,000 to $10,000 per year, which Bril described as relatively nominal. On the vendor side, ACV ranged from $3,000 to $6,000 per year at volume, with vendors on a freemium model that converted to paid through activity triggers such as responding to and winning RFPs. In February 2022, the platform processed between 500 and 600 RFPs.

VendorPm operates as a software-enabled marketplace with a freemium model on the vendor side. The company's primary monetization is on the supply side, charging vendors between $3,000 and $6,000 per year at volume once they convert from free to paid. Property managers on the demand side pay between $6,000 and $10,000 per year, which Bril characterized as a nominal fee relative to the value exchanged.

The key activation metric for vendors is responding to RFPs on the platform, which Bril also described as the primary trigger for vendor upgrades to paid tiers. The strongest conversion channel for vendor upgrades was running at north of 50 percent at the time of the interview. The company measures marketplace health by the percentage of RFPs that receive at least three bids back, which it treats as a service-level guarantee. As of early 2022, that fill rate was approximately 80 percent on a weighted average basis across markets, up from 15 percent six months earlier. In major metropolitan cities the rate exceeded 90 percent, while secondary and tertiary markets were at approximately 75 percent.

Bril indicated the company was considering adding a lending or factoring product that would advance cash against RFP invoice flows, though no timeline or revenue figures were provided for that initiative. Gross margin, churn, LTV, CAC, burn rate, and runway were not discussed in the interview.

VendorPm employed approximately 65 people as of March 2022. Bril declined to specify the number of engineers, but described the business as largely an execution play, consistent with most marketplace models, and said the company had over-indexed on customer success and product engineering to manage the change management challenge of moving property managers off manual workflows.