Real estate startup Plentific lands $32 million to enable landlords deliver a better, more transparent and digital tenant experience
Plentific, a London, England-based real estate startup that empowers landlords and property managers to deliver more efficient repairs and maintenance services, has secured $32 million in a Series B funding round to accelerate its ambitious growth plans. 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.
Founded in 2012 by Cem Savas and Emre Kazan, the technology property management platform enables landlords to deliver a better, more transparent and digital tenant experience by significantly reducing operational costs and increasing the speed and efficiency of repair and maintenance services. Plentific digitizes the entire experience and streamlines manual processes, whilst connecting landlords with a growing marketplace of approved independent local tradespeople.
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 more pressure than ever. The new investment will enable the company to expand into the wider commercial real estate sector in Europe and launch into the US multi-family market next year.
Its 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.
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 digitizing 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.“