Updater has announced a $215 million investment from Vista Credit Partners (VCP), a credit and financing partner focused on the enterprise software, data and technology markets.
The investment will provide Updater with growth capital to fund extensive R&D, launch products into new markets, develop additional features for users and invest substantially in talent to support Updater’s continued growth.
Updater modernizes the process of moving and the complex process of moving into a frictionless experience in which users can organize and complete all tasks in one place, the company states. Updater develops cutting-edge, scalable technology solutions for all key parties in the relocation ecosystem—relocating consumers, real estate companies such as brokerage firms and property managers, and suppliers of products and services that consumers need at their new home or to transport their household goods. Updater facilitates more than three million moves each year, representing approximately 25% of the household moves in the United States, the company states.
“Since day one, our vision has been the same—to completely reimagine the experience of moving,” said David Greenberg, founder and CEO of Updater. “We’re thrilled to partner with Vista Credit Partners for this investment round, which will propel Updater to new heights as the clear industry-leading platform in moving technology, the category we created in 2010. This capital provides us the resources we need to expand into new moving segments and broaden our suite of marketplace and SaaS products.”
VCP’s investment follows a period of significant success for Updater over the last 12 months. The company launched multiple new products for consumers and real estate partners, deployed new iOS and Android apps, added over 100 team members, and increased revenue by nearly 50%, a release stated.
“Updater provides a best-in-class platform that is redefining the relocation experience, providing a win-win model for both consumers and businesses,” said David Flannery, president of Vista Credit Partners. “VCP looks to partner with founders of companies that have a strong market position and a mission-critical product suite, both of which we found in Updater, by providing non-dilutive capital solutions. We look forward to partnering with David and the entire Updater team as they continue to innovate and transform the market.”
For more information, visit www.updater.com.