Lettings-based PropTech firm raises jaw-dropping investment

Plentific - the PropTech firm that offers block management agents and Build To Rent operators a cloud-based maintenance platform - has raised no less than £72m in new investment. 

The company began life eight years ago as more of a consumer-focussed service including offering directories of approved tradespeople; now it serves both the social and private rental sectors with digital cloud-based repair and maintenance services.

Co-founder Cem Savas 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 latest investment - adding up to US$100m - 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, a managing partner at global asset management firm Brookfield, says: “We are thrilled to partner with Plentific as it seeks to fully digitize the repairs and maintenance process.

“As one of the world’s largest real estate owner, operator and investor 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.”