Plentific, the leading platform for smart property management, has announced it has raised $100m in Series C funding, 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. With the investment, Plentific plans to significantly grow its presence in the United States, as well as further expand its global footprint. The financing will also allow Plentific to accelerate its engineering and product development to increase digitalisation across the property and facilities management space.
Founded in 2013 by CEO Cem Savas and CTO Emre Kazan, Plentific has transformed repairs and maintenance processes for landlords, property and facilities managers, and service providers. The industry has historically relied on either manual processes or legacy software to manage complex processes, hampering efficiency and quality of service. Plentific’s cloud-based solutions provide a completely digital experience, reimagining how services can be managed and delivered, while also providing deep insights and analysis for data-driven decision making.
Co-founder Savas 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.”
Gregory Dewerpe, founder of investor A/O PropTech, added: “As real estate becomes increasingly digitized, Plentific has cemented its position as the leading European smart property management platform with operations in both the UK and Germany as well as recently launched in the US. Plentific’s continued success in digitizing legacy processes and systems and enabling data driven insights at scale for institutional landlords, shows how real estate is a sector particularly ripe for disruption. We are delighted to continue to partner with Plentific to support the company’s expansion into the US and wider international markets. Our mission at A/O PropTech is not only to transform the real estate industry, but also to improve the quality of life of tenants and local communities globally, and Plentific is doing exactly that.”
Plentific’s ambition is to replace legacy software across the entire industry and become the digital partner for service providers from surveyors to contractors. With the latest investment round it will intensify its product development to enable the integration of Internet of Things (IoT), asset management solutions, as well as introduce machine learning and artificial intelligence to help commercial and residential landlords increase returns and make smarter decisions. Plentific will also expand its offer for service providers, increasing its Customer Relationship Management (CRM) functionality to support the growth of contractors of all sizes.
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