Brookfield leads $100m Plentific investment

Property maintenance startup Plentific has raised $100m in Series C funding in a round led by Brookfield Technology Partners and Highland Europe.

Founded in 2013, Plentific – a Pi Labs portfolio company – is a management tool that digitises repairs and maintenance processes and is used in more than 350,000 properties in the UK and Germany.

The platform allows users to manage repairs from start to finish and includes additional features such as data analytics, team management and quote and invoice approval automation.

Plentific’s Compliance Manager gives users real-time insights into every area of compliance across a portfolio, while its work management tools give contractors access to jobs in their local area and the ability to manage those jobs.

Josh Raffaelli, managing partner at Brookfield, said the company was “thrilled” to partner with Plentific as it digitises the repairs and maintenance process, adding: “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.”

The startup, which more than doubled its headcount to almost 200 employees and opened an office in the US this year, plans to use the investment to grow its global presence – including in the US – and to fund further product development.

In particular, Plentific will work on greater integration of IoT devices and introduce machine learning and artificial intelligence to automate further processes and help landlords “make smarter decisions”.

Sam Brooks, partner at Highland Europe, said: “The Plentific team has built a powerful digital platform with exceptional tenant experience at the core and have become the go-to partner for the world’s most well-respected property owners and service providers.”

Cem Savas, CEO and co-founder of Plentific, said: “We have only just scratched the surface of a $2.5tn 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.”

Alongside Brookfield and Highland Europe, the latest funding round included Mubadala Investment Company and RXR Digital Ventures, as well as existing investors A/O PropTech and Target Global.