You are currently viewing UK-based Plentific raises €85M to address challenges in property management space; eyes US expansion

UK-based Plentific raises €85M to address challenges in property management space; eyes US expansion

The emergence of proptech in recent years has brought into focus the need for the property industry to modernise rapidly. To address some of the biggest challenges in the property and facilities management space, Emre Kazan and Cem Savas created Plentific in 2013, . 

The property management industry has historically relied on either manual processes or legacy software to manage complex processes, hampering efficiency and quality of service. The duo believed property management could and should be better for local trades specialists, property managers, and tenants.

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Secured €85M

In a latest development, Plentific has announced that it raised $100M (approx €85M) in Series C funding led by new investors Highland Europe and Brookfield Technology Partners alongside Mubadala Investment Company and RXR Digital Ventures. 

Existing partners A/O PropTech and Target Global also participated. 

Highland Europe 

Highland Europe invests in exceptional growth-stage software and internet companies. The company has raised over €1.8B and has invested in companies such as Adjust, Camunda, ContentSquare, Featurespace, GetYourGuide, Malwarebytes, MatchesFashion, Modulr, among others. 

Sam Brooks, Partner at Highland Europe, said, “The Plentific team has built a powerful digital platform with exceptional tenant experience at the core and have become the go-to partner for the world’s most well-respected property owners and service providers. We are impressed with Cem and Emre’s commitment to digitizing the entire property management ecosystem and we are thrilled to join them on the next phase of their journey.”

Brookfield Technology Partners

Brookfield Technology Partners is the technology investment arm of Brookfield Asset Management. The company aims to invest growth equity into market-leading technology companies that can leverage diverse real assets and operating businesses that make up the $600+ billion Brookfield economy.

Josh Raffaelli, Managing Partner at Brookfield said, “We are thrilled to partner with Plentific as it seeks to fully digitize the repairs and maintenance process. As one of the world’s largest real estate owners, operators, and investors we have first-hand knowledge of how lowering operating costs can help drive efficiencies. We look forward to leveraging that knowledge and experience to help fuel Plentific’s growth and expand its global footprint.”

Fund Utilisation

With this investment, Plentific plans to grow its presence in the United States and further expand its global footprint. 

The funds will allow the company to accelerate its engineering and product development to increase digitalisation across the property and facilities management space.

Cem Savas, CEOand co-founder of Plentific, said, “We had a phenomenal year of growth, more than doubling headcount to almost 200 employees, opening an office in the United States and cementing our position in the UK and German markets. Our next step is to rapidly expand in the US, as well as look to begin operating in new geographies. We have only just scratched the surface of a $2.5 trillion potential market opportunity. We will now be rapidly expanding both our global footprint and the solutions we offer to become the de facto digital partner for landlords and service providers across the world.”

Smart property management

Plentific empowers landlords and property managers to deliver more efficient repairs and maintenance services. 

The company’s cloud-based solution integrates repairs, compliance, and voids management with a marketplace of more than 16,000 contractors to streamline property maintenance and provide instant insight into the health of a property portfolio.

The UK startup aims to expand its offering for service providers, increasing its Customer Relationship Management (CRM) functionality to support the growth of contractors of all sizes.

PropertyLab accelerator programme

Plentific has also supported its clients in furthering their Environment, Social and Governance (ESG) credentials, and will expand its capabilities in this critical area. The company will work with clients globally through its PropertyLab accelerator programme. 

Plentific says it will develop solutions that strengthen ESG initiatives and make ESG reporting more robust through enhanced analytics. 

Currently, the company works with various proptech companies including, L&Q, Peabody, Notting Hill Genesis, Grand City Properties, and Knight Frank to manage more than 350,000 properties across the UK, Germany, and USA.

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