London proptech Plentific raises $32 million
Plentific, the London-based property management platform, has raised $32 million in a Series B round.
The round was led by AO Proptech, Europe's largest VC firm specialising in proptech businesses. Plentific says it 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 company's product aims to completely digitise every step of the landlord-tenant relationship, which it says results in better tenant sentiment and lower costs for landlords.
Plentific also offers landlords access to a marketplace of tradespeople local to their properties, all of whom the company says are approved.
The company currently focuses on landlords with large portfolios, including housing associations, local authorities, and major private players.
Plentific CEO and co-founder Cem Savas said: “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.”
Commenting on the investment, AO Proptech founder Gregory Dewerpe added: “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.”