Plentific, the London-origin property manager, raised a record-breaking 100 million dollars in its Series C round.
Brookfield Technology Partners and Highland Europe headed the financing round on 24th August. Other fresh investors such as RXR Digital and Mubadala Investment and current backers like A/O PropTech and Target Global were also present.
Established in 2013, Plentific offers a SaaS platform for property owners, estate and amenities executives, and service providers. It aims to replace legacy software with a unified online market for finding tradespeople, handling renovations, keeping renters notified and producing insights.
Plentific will use its new funds to dramatically expand its presence in the United States and subsequent global reach. Moreover, the firm plans to invest more in engineering and product advancement. This is to boost digitization in the real estate and infrastructure sector, with goals to incorporate the IoT into its network and establish wealth management services.
Well, that's not all.
The business will consider incorporating machine learning and artificial intelligence to assist residential and business landowners boost profits and make wiser decisions. The Series C funding will improve business service provider offering, like expanding its CRM features to a better position on its own to attract contractors of all kinds.
With this current transaction, Plentific has successfully raised over $140 million in equity.
Plentific's firm appears to have significantly benefited from the home repair craze that exploded during the global lockdown. Plentific's platform presently manages over 350,000 properties throughout its three markets.
At this time, the business claims to have 100+ "major clients" and over 16,000 contractors on its platform. As per a representative, the number of units managed by the company has increased 17 times in the previous 36 months.
Plentific's real estate tools are aimed at a large customer base and industries, from private homeowners and short-term rental operators to those in charge of public housing or student accommodation.
CEO Cem Savas says that Plentific had a tremendous year of development. It has increased its employment to around 200 workers and added a branch in the US.
The company has also strengthened its presence in UK and German marketplaces. Savas states that the next stage for them is to swiftly develop in the United States and look into expanding into new areas.
Plentific has merely touched the surface of about a 2.5 trillion dollars viable market. It will now aggressively grow its global network and the products it supplies to become the country's official digital partner for landowners and service providers worldwide.
Brookfield's managing partner, Mr. Josh, reveals his excitement to work with Plentific as it attempts to automate the repair and restoration procedure.
A further significant area of interest for Plentific is assisting consumers in enhancing their Environment, Social, and Governance certifications. The company claims to boost the capacities of this sector too. Plentific has also held a PropertyLab accelerator program for it. According to the company, this initiative strives to find solutions to reinforce ESG activities and make disclosure more reliable through increased analytics and reducing property carbon footprints.
Presently, the estimated yearly revenue of Plentific is 47.9 million dollars per year.