Updater Inc., an app and technology developer for residential relocation services, has received $215 million in financing from the credit investment arm of Vista Equity Partners.
The funds from Vista Credit Partners, a subsidiary of the Austin, Texas-based private equity firm, will be used as growth capital, according to a statement provided to Bloomberg News. Updater plans to accelerate its investments in research and development, workforce talent, new products and user features, and also to expand into more industry verticals, the company said.
Updater generates money from commissions from service providers when customers book them using the app’s platform. According to Greenberg, the business generated more than $100 million in revenue in 2021.
Read more: BNN Bloomberg
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