Plentific Secures $100M Funding to Expand Property Management SaaS

Plentific Secures $100 Million in Series C Funding

London-based Plentific, a provider of a marketplace SaaS platform for the property management sector, has successfully completed a $100 million Series C funding round. This investment is spearheaded by Highland Europe and Brookfield Technology Partners – the venture capital division of the well-known real estate firm – alongside Mubadala Investment Company and RXR Digital Ventures.

Existing investors, including A/O PropTech and Target Global, also participated in this financing.

Platform Overview and Core Functionality

Founded in 2013, the company delivers a cloud-based platform designed for landlords, property managers, and facilities managers.

Plentific aims to replace outdated software systems with a unified digital marketplace. This marketplace facilitates the connection with qualified tradespeople, streamlines repair management, keeps tenants updated, and generates data analytics for informed property service delivery.

Geographic Expansion and Financial Details

Currently operating in the U.K., Germany, and the U.S., the newly acquired funds will be strategically allocated to significantly increase the company’s presence within the U.S. market. Further global expansion is also planned.

With this latest round, the total equity raised by Plentific reaches $140 million.

Investment Focus: Innovation and Development

Plentific intends to prioritize accelerating its engineering and product development efforts. This will drive further digitalization within the property and facilities management industries.

The company plans to integrate Internet of Things (IoT) technology into its platform and develop comprehensive asset management solutions.

Leveraging AI and Machine Learning

The incorporation of machine learning and artificial intelligence is also a key objective. This will empower commercial and residential landlords to maximize returns and make more strategic decisions.

Series C funds will also be used to enhance the platform’s offerings for service providers, specifically by improving its Customer Relationship Management (CRM) capabilities.

Growth Driven by Market Trends

The surge in home improvement activities during the pandemic lockdowns appears to have positively impacted Plentific’s business performance.

Currently, the platform manages over 350,000 properties across its three core markets.

Client and Contractor Network

The startup reports having more than 100 large clients and a network exceeding 16,000 contractors on its marketplace.

The number of properties under management has increased by a factor of 17 over the past three years.

Target Customer Base

Plentific’s property management tools cater to a diverse range of customers and sectors. This includes private landlords, short-term rental operators, social housing providers, student accommodation managers, and property managers in sectors like education, hospitality, sports, fitness, and social care.

Unlike some competitors focused on disrupting traditional letting agencies, Plentific positions itself as a tool provider for these agencies.

Executive Commentary

Cem Savas, CEO and co-founder of Plentific, stated: “We experienced substantial growth last year, doubling our headcount to nearly 200 employees and establishing a U.S. office, while solidifying our position in the U.K. and German markets.

“Our focus now is on rapid expansion in the U.S. and entering new geographic regions. We’ve only begun to tap into a $2.5 trillion market opportunity and will be aggressively expanding our global reach and solution offerings to become the leading digital partner for landlords and service providers worldwide.”

Brookfield’s Perspective

Josh Raffaelli, managing partner at Brookfield, commented: “We are excited to collaborate with Plentific as they work to fully digitize the repairs and maintenance process.

“As a major real estate owner, operator, and investor, we understand the importance of reducing operating costs to improve efficiency. We are confident that our expertise will help accelerate Plentific’s growth and expand its global footprint.”

Focus on ESG Initiatives

Plentific is also prioritizing support for customers in enhancing their Environment, Social, and Governance (ESG) credentials.

The company will expand its capabilities in this area, leveraging its PropertyLab accelerator program to develop solutions that strengthen ESG initiatives and improve reporting through advanced analytics, while also addressing the carbon footprint of properties.