London based property management platform, Plentific has reportedly raised $32 million in a Series B round funding round led by A/O Proptech, with support from Target Global and existing investors such as Round Hill Ventures. AO Proptech are Europe’s largest VC firm specialising in proptech businesses and this news is hugely welcome to Plentific. Plentific reportedly will use the funds to expand its presence in Europe, including in the commercial property sector, and to support its plans to launch in the US next year. The US market is notoriously difficult to crack into but this latest funding news will do a lot to inspire and motivate this company to move forward towards their big future plans.
For those who are not familiar with the company’s work, Plentific empowers landlords and property managers to deliver more efficient repairs and maintenance services. The company achieves that through a simple, powerful management platform and a network of verified trade professionals. Plentific connects landlords and property managers with local trade professionals for a range of repairs and maintenance jobs. Plentific was founded by Emre Kazan and Cem Savas and according to their website, they believed property management could and should be better – for local trades specialists, property managers and tenants. The solution has been developed since 2013 and it brings people and technology together to transform how properties are managed and maintained.
According to the Plentific website, the 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. Plentific’s approach has dramatically improved outcomes for housing providers, helping them to unlock operational savings of around 25%, speeding up service delivery fivefold and creating economic opportunities within their local communities. The company’s focus has been on nationwide housing associations, local authorities and large scale professional landlords in the UK and Germany and Plentific’s clients include some of the UK’s and Germany’s major landlords, such as Notting Hill Genesis, Peabody and Grand City Properties. Furthermore, the company has won a number of awards including UK Proptech Awards 2018: Deal of the Year, UK Housing Awards 2019: Professional Services Partner of the Year and 24 Housing Awards 2019: Repairs and Maintenance Provider Of The Year.
Plentific is one of the fastest-growing property technology companies in the UK and with the funding news we can expect to see great things from this proptech company.