UK property management proptech Plentific has raised £72 million from a group of international investment funds and clients, taking its total funding to date past the £100m mark.
The new Series C funding will be used to help the company grow its presence in the US, launch in new countries and develop more tech for the property management sector.
The company has grown fast in the UK by offering housing associations, build-to-rent and block management operators a cloud-based repairs and maintenance platform.
Many of these landlords have, until relatively recently, relied on ageing software systems or manual spreadsheets to manage their properties but the march towards digital, cloud-based services like Plentific has been accelerating.
Cem Savas (pictured), who co-founded Plentific eight years ago, says: “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 £1.8 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.”
The new funding has come from US property and investment firms Highland Europe, RXR Digital Ventures and Brookfield Technology Partners, UAE-based Mubadala Investment Company, as well as existing investors London-based A/O PropTech and Berlin-HQ’d Target Global.
Josh Raffaelli (pictured), Managing Partner at Brookfield says: “As one of the world’s largest real estate owners, operators and investors 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.”
Gregory Dewerpe (pictured), founder of A/O PropTech, ads: “Plentific’s continued success in digitising legacy processes and systems, curating an efficient and transparent marketplace of service providers, and enabling data driven insights at scale for institutional landlords, shows how real estate is a sector particularly ripe for disruption.
“Having invested late in their Series A and subsequently leading their Series B fundraise, we are delighted to continue to partner with Plentific to support the company’s expansion into the US and wider international markets.”