Plentific, a London-based SaaS marketplace platform for property management, has closed a $100m Series C. It is managed by Highland Europe and Brookfield Technology Partners, the VC arms of the eponymous realty giant.
The startup was founded in 2013. It provides a cloud platform to landlords, property and facility managers and service providers. This replaces legacy software. Instead of a digital marketplace that allows you to find tradespeople, manage repairs, keep tenants informed, and generate analytics that support data-driven service delivery.
It is currently live in the UK, Germany, and the US. The new financing will allow it to continue significantly expanding its presence in the US and further global expansion. The total equity it has raised with the latest round of financing is $140M.
Plentific states that it plans to invest in engineering and product development to accelerate digitalisation within the property and facility management space. It also has plans to integrate Internet of Things, (IoT), into its platform as well as build out asset management solutions.
According to its pitch, it is also interested in machine learning and AI to assist commercial and residential landlords increase their returns and make better decisions.
Series C funds will be used to expand its service provider offering, such as increasing CRM (Customer Relations Management) functionality. This will allow it to better position itself for contractors of all sizes.
Plentifics seems to have benefited from the home improvement boom that occurred during the pandemic lockdown. According to its website, the platform now manages 350,000+ properties in its three markets.
TechCrunch was also informed by the startup that it currently has more than 100 large clients and 16,000 contractors. According to a spokesperson, the number of properties under Plentific's management has increased 17-fold over the past three years.
Plentific's property management tools are targeted broadly at a variety of customers and sectors. These include private landlords, those who manage short-term lets, and those who manage student housing and social housing. Property managers working in areas such as education, hospitality and sport/fitness can also be targets for Plentific. Mashroom and other startups are disrupting the traditional managed service agency model. Instead, Plentific would rather win customers from such agencies than play in the lettings market.
Cem Savas (CEO and co-founder) of Plentific said in a statement that the Series C was a remarkable year. He added: More than doubling the headcount to nearly 200 employees, opening an American office and establishing our presence in the UK, and Germany, markets. We plan to expand rapidly in the US and to explore new markets. We are only scratching the surface of a potential $2.5 trillion market. We are now expanding rapidly both our global footprint as well as the solutions that we offer in order to be the de facto digital partner of landlords and service providers around the globe.
Brookfield managing partner Josh Raffaelli added, "We are delighted to partner with Plentific because it seeks fully digitize repairs and maintenance process. We are a major real estate investor, operator and owner in the world. This allows us to see firsthand how lower operating costs can drive efficiency. We are eager to use that experience and knowledge to fuel Plentifics' growth and expand its global reach.
Plentific flags also supports customers in expanding their Environment, Social and Governance credentials. It promises to increase capabilities in this crucial area. It works with clients via its PropertyLab accelerator program, which it claims aims to create solutions to strengthen ESG initiatives.
