Leading property technology platform Plentific announces $32 million Series B funding round
Investment to fund product, sector and market expansion in Europe, UK and US
London, 14 November 2019: 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 billion1 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.“
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Notes to Editors
Plentific is one of the fastest-growing property technology companies in the UK. It empowers property managers to deliver more efficient repairs and maintenance services through a simple, powerful management platform and a network of over 13,000 verified tradespeople.
Plentific’s clients include some of the UK’s and Germany’s major landlords, such as Notting Hill Genesis, Peabody and Grand City Properties. The company has won a number of awards including UK Proptech Awards 2018: Deal of the Year, UK Housing Awards 2019: Professional Services Partner of the Year and 24 Housing Awards 2019: Repairs and Maintenance Provider Of The Year.
Investors include: AO Proptech, Target Global, Round Hill Ventures, PiLabs and OneZero Capital. Plentific was founded in 2013 by Emre Kazan and Cem Savas to make it easy to find reliable trade services and manage property repairs and maintenance. The pair believed property management could and should be better – for local trades specialists, property managers and tenants. It is headquartered in London with offices in Germany and Turkey.
About AO Proptech:
AO Proptech is Europe’s largest proptech focused venture firm, launched in 2019 with over $250 million of permanent capital to invest, with a very innovative approach to venture capital in proptech, combining deep real estate, data science and technology expertise, with over $30 billion of real estate strategic assets, used to test, integrate and scale the technologies AO invests in. AO aims to champion the European proptech ecosystem through its innovative approach across the continent. www.aoproptech.com
About Target Global:
Target Global is an international investment firm headquartered in Berlin, with €700 million in assets under management. With offices in London, Tel Aviv and Barcelona, we connect the key European start-up ecosystems and leverage the unique DNA of each of our target geographies, across our global network. Building on our experienced team with substantial operational and investment experience, we help exceptional entrepreneurs to build market leaders. Target Global invests across multiple stages, investing in fast-growing tech companies, targeting trillion-euro markets. Our Partners have been investing for more than 15 years in the digital technology space, backing some of the key European success stories. The Target Global portfolio includes companies such as Auto1, Delivery Hero, Omio (formerly GoEuro), TravelPerk and WeFox. More about Target Global: https://www.targetglobal.vc/