- Investment to fund product, sector and market expansion in Europe, UK and US
Leading European property technology platform, Plentific, has successfully secured $32 million in a Series B funding round to accelerate its ambitious growth plans.
Plentific is a technology property management platform that enables landlords to deliver a better, more transparent and digital tenant experience whilst significantly reducing operational costs across all repair and maintenance services. It digitises the entire experience and streamlines manual processes, whilst connecting landlords with a growing marketplace of approved independent local tradespeople.
The platform’s dynamic procurement technology enables landlords to give smaller trade businesses access to contracts previously only open to large national companies, boosting local communities whilst reducing overall costs through a more diversified and competitive supply. It provides clients with a completely flexible supply chain solution; reduced complexity in transforming operational processes; and huge data advantages for management decision making.
Plentific’s approach has dramatically improved outcomes for housing providers, helping them to unlock operational savings of around 25%, speeding up service delivery fivefold and creating economic opportunities within their local communities.
To date Plentific’s focus has been mainly on nationwide housing associations, local authorities and large scale professional landlords in the UK and Germany, where there is a growing sense of urgency around the provision of safe, affordable and higher-quality accommodation at a time when budgets are under greater pressure than ever.
The company will expand into the wider professional/commercial real estate sector in Europe and plans to launch into the US multi-family market next year. For Professional and institutional landlords, the growing urge to digitise operations in order to have more seamless, transparent and cost-efficient platforms has created a massive opportunity for Plentific globally.
The funding round was led by Europe’s largest Proptech venture capital firm, AO Proptech, with support from international investment firm Target Global and existing investors such as Round Hill Ventures.
Cem Savas, CEO and Co-founder of Plentific said: ”It’s a massive market we operate in with very old systems in place. There are long-standing structural barriers that housing companies have to overcome in order to deliver a good tenant experience. By digitising the supply chain we’re creating a larger, more dynamic market of locally-available tradespeople and removing unnecessary manual processes, significantly improving the tenant or leaseholder experience.
“In the UK alone it costs approximately £7.1 billion to repair and maintain the country’s affordable housing stock of four million homes. Plentific could deliver annual savings of up to £1.8 billion a year through a reduction in direct costs and operational overheads for the sector. These savings could then be reinvested into improving the tenant experience and growing the number of homes available for social housing.
“Of course, these challenges are not unique to the social housing sector which is why we have now started extending our offer to other private residential property owners and are launching our services for the commercial sector.”
Gregory Dewerpe, Founder at AO Proptech said: “We are thrilled to back Plentific’s ambition to transform, improve and digitise property management, for the benefit of both tenants and landlords. It is becoming harder than ever for property companies to deliver an optimal tenant experience. Budgets are stretched, compliance concerns are growing and processes are often analogue at best. Plentific’s one-platform solution is already helping social housing companies to overcome these challenges and we have initiated a rollout of Plentific into over 90,000 units in phases, across our strategic portfolio globally with thrilling results so far. Our mission at AO is not only to transform the real estate industry, but also to improve the overall quality of life of tenants and local communities globally. Plentific allows us to do exactly that.”
Yaron Valler, General Partner at Target Global, says: “We are excited to join forces with Cem, Emre and the Plentific team. We view automation of the property management market as a new frontier in real estate and believe Plentific has found a unique angle allowing it to crack this market – this strongly reflects our investment thesis of bringing innovation through technology to truly European industries. Target Global has been an ardent investor in proptech and are glad to extend our portfolio to the management domain.“