A UK PropTech has raised £73 million to boost expansion in the US and additional geographies.
Plentific, a platform for smart property management, will also accelerate its engineering and product development to increase digitalisation across the property and facilities management space.
The Series C funding round was led by new investors Highland Europe and Brookfield Technology Partners alongside Mubadala Investment Company (Mubadala) and RXR Digital Ventures, as well as existing investors A/O PropTech and Target Global.
Founded in 2013 by CEO Cem Savas and CTO Emre Kazan, Plentific – which featured on our recent PropTech 50 ranking – has transformed repairs and maintenance processes for landlords, property and facilities managers, and service providers.
Its cloud-based solutions provide deep insights and analysis for data-driven decision-making.
“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,” said CEO Savas.
“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.”
Plentific’s ambition is to replace legacy software across the entire industry and become the digital partner for service providers from surveyors to contractors.
Founded in 2013, the firm is trusted by 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.
Its software 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.
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.”