London-based Plentific, which operates a marketplace SaaS platform targeting the property management space, closed a $100m Series C round. The funding round is led by new investors Highland Europe and Brookfield Technology Partners – the VC arm of the eponymous real estate giant – along with Mubadala Investment Company and RXR Digital Ventures, as well as existing investors A/O PropTech and Target Global.
The startup founded in 2013 provides a cloud platform for owners, property and facility managers and service providers – targeting legacy software with an integrated digital marketplace to locate tradespeople, manage repairs, keep tenants informed, and generate analytics to support data-driven real estate service delivery.
Living in the UK, Germany and the US, he says the new funding will continue to significantly increase his presence in the United States as well as global expansion. Its total capital raised to date with this latest round is $140 million.
Plentific says he intends to spend on accelerating its engineering and product development to accelerate digitalization across the property and facility management space – with a plan to integrate the Internet of Things (IoT) into its platform and also develop asset management solutions.
It also aims to bake in machine learning and AI to help commercial and residential owners increase yields and “make smarter decisions,” according to its pitch.
Series C funds will also continue to strengthen its service provider offer — for example by increasing its CRM (Customer Relationship Management) functionality in order to better position itself to attract service providers of all sizes.
The home improvement trend that has exploded during the pandemic lockdown certainly seems to have been very positive for Plentific’s business: according to its website, more than 350,000 properties are now managed by the platform across its three (current) markets.
The startup also told TechCrunch that it has more than 100 “large customers,” at this point, and more than 16,000 contractors on its marketplace. While the number of properties Plentific has under management has increased 17 times over the past three years, according to a spokeswoman.
Plentific targets its property management tools at a wide range of clients and sectors, from private landlords and those managing short-term rentals, to managers of social housing or student accommodation and property managers in sectors such as such as education, hospitality, sport/fitness and social protection. (So unlike startups like Mashroom, which try to disrupt the traditional managed service rental agency model, it doesn’t play on the rentals side of the market and instead hopes to win such agencies as customers for its tools. )
Commenting on Series C in a statement, Cem Savas, CEO and co-founder of Abundant, said: “We have had a year of phenomenal growth, doubling the workforce to almost 200 employees, opening an office in the United States and consolidating our position in the UK and German markets. Our next step is to expand rapidly in the United States and begin operating in new geographies. We have barely scratched the surface of a potential $2.5 trillion market opportunity. We will now rapidly expand both our global footprint and the solutions we offer to become the de facto digital partner for owners and service providers worldwide.
In another supporting statement, Josh Raffaelli, Managing Partner at Brookfield, added, “We are delighted to partner with Plentific as it seeks to fully digitize the repair and maintenance process. As one of the world’s largest property owners, operators and investors, we have first-hand knowledge of how lowering operating costs can help increase efficiency. We look forward to leveraging this knowledge and experience to help fuel Plentific’s growth and expand its global footprint.
Another area of growing interest Plentific flags is helping clients extend their environmental, social and governance (ESG) credentials, saying it will extend capabilities in this “critical area”. Here he works with his clients through his PropertyLab acceleration program which he says aims to develop solutions to strengthen ESG initiatives and make reporting more robust through improved analytics, in addition to trying to tackle the carbon footprint of properties.