Plentific helps big landlords source contractors for repairs. We got an exclusive look at the pitch deck it used to raise $100 million for expansion and acquisitions.
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- Property tech startup Plentific has raised $100 million to digitize the repair process for landlords.
- The Series C round was led by Highland Europe and Brookfield Technology Partners.
- The London-based startup shared its pitch deck exclusively with Insider.
Plentific, a software startup aiming to speed up the process of repair and maintenance work for big landlords, has raised a $100 million Series C round.
Founded in 2013 by a team with their own real-estate portfolio, the firm works with clients such as UK housing association Peabody to offer a marketplace through which local contractors can be booked for jobs. The startup says the result is faster, trustier repairs.
“It was a pain point I wanted to solve for myself,” Cem Savas, chief executive and cofounder, told Insider. “I knew from firsthand experience speaking to tenants speaking to contractors, and estate agents. There’s a lot of manual processes, a lot of pain points, and people complaining about service levels.”
Tenants are able to log into their landlord’s portal, which integrates with Plentific, and request a repair with a description and photos of the problem. The property manager then approves the job, which goes to a marketplace of contractors who offer quotes.
The manager approves the contractor, who is then put in touch with the tenant to organise a time and date for the job. The tenant is consistently updated with the job’s progress, and there is opportunity for feedback after it is completed.
The company also gives managers oversight of all their properties in one place.
Plentific hopes to replace legacy software across the entire industry.
Property technology is a hot sector as entrepreneurs try and digitize a market that has been slow to innovate. The pandemic has slowed investing, according to Pitchbook data, but the overall trend has been upwards. Commercial proptech deals hit $13.7 billion in 2019, more than double the $5 billion invested in 2018.
Plentific will use its cash injection to expand into the biggest potential market, the US, as well as cementing its presence in the UK and Germany. It hopes to have 2.4 million residential units in the US on board in the next five years, and currently has 350,000 across the three markets, with a marketplace of 20,000 contractors.
It brings the company’s total raised to $140 million.
Headcount, which has doubled in the past year, is expected to increase from 200 to 650 in the next five years. Savas said there are currently 80 vacancies.
Plentific will also enter new markets through strategic acquisitions to expand its market share and product offering. For example, a company managing asbestos risk may be of interest. Last year it acquired a compliance software service, and bosses are currently in discussions with three other companies.
The round was led by new investors Highland Europe and Brookfield Technology Partners alongside Mubadala and RXR Digital Venture. Existing investors A/O PropTech and Target Global also participated.
Scroll on to see Plentific’s pitch deck: