Plentific raises $100m Series C to accelerate growth
The latest round was led by Highland Europe and Brookfield Technology Partners and will enable the proptech to rapidly expand in the US and additional new geographies
LONDON – 24th August 2021 – 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.
Cem Savas, CEO and co-founder of Plentific, 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.”
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.
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.”
Plentific has also supported its clients in furthering their Environment, Social and Governance (ESG) credentials and will expand its capabilities in this critical area. With the aim of becoming an ESG centre of excellence, Plentific will work with clients globally through its PropertyLab accelerator programme. It will develop solutions which strengthen ESG initiatives and make ESG reporting more robust through enhanced analytics, as well as actively help improve the carbon footprint of properties.
Josh Raffaelli, Managing Partner at Brookfield said:
“We are thrilled to partner with Plentific as it seeks to fully digitize the repairs and maintenance process. As one of the world’s largest real estate owner, operator and investor we have first-hand knowledge of how lowering operating costs can help drive efficiencies. We look forward to leveraging that knowledge and experience to help fuel Plentific’s growth and expand its global footprint.”
Founded in 2013, Plentific is trusted by some of the best-known organizations in property, including 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. For more information please visit: https://www.plentific.com
About Highland Europe
Highland Europe invests in exceptional growth-stage software and internet companies. Active in Europe since 2003 as Highland Capital Partners and formally launched in 2012, Highland Europe has raised over €1.8 billion and has invested in companies such as Adjust, Camunda, ContentSquare, Featurespace, GetYourGuide, Malwarebytes, MatchesFashion, Modulr, NewVoiceMedia, Nexthink, Smartly.io, Talentsoft, WeTransfer, Wolt and Zwift. Highland’s collective history of investments across the US, Europe and China includes 46 IPOs and 40 billion-dollar-plus companies.
About Brookfield Technology Partners
Brookfield Technology Partners is the technology investing arm of Brookfield Asset Management, a leading global alternative asset manager with over $600 billion of assets under management across real estate, infrastructure, renewable power, private equity and credit. Founded in 2017, Brookfield Technology Partners seeks to partner and invest growth equity into market leading technology companies that can leverage the diverse real assets and operating businesses that make up the $600+ billion Brookfield economy.
About Mubadala Investment Company
Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi.
Mubadala’s $243.4 billion (AED 894 billion) portfolio spans six continents with interests in multiple sectors and asset classes. We leverage our deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates.
Headquartered in Abu Dhabi, Mubadala has offices in London, Rio de Janeiro, Moscow, New York, San Francisco and Beijing. For more information about Mubadala Investment Company, please visit: http://www.mubadala.com
About RXR Digital Ventures
RXR Digital Ventures is the venture capital arm of RXR Realty, a New York-based vertically integrated real estate owner, investor, operator and developer committed to building socially, economically and environmentally responsible communities. RXR Digital Ventures invests globally in early-stage real estate technology companies that can benefit from RXR Realty’s scale as an owner/operator, in-house expertise and extensive network