Plentific raises $32m in funding round

London based PropTech firm Plentific has raised $32m in a Series B funding round led by Europe’s largest PropTech venture capital firm, A/O PropTech. The company’s platform aims to help landlords deliver a more transparent and digital tenant experience and reduce operational costs across all repair and maintenance services. Cem Savas, CEO and co-founder of Plentific stated: “It’s a massive market we operate in with very old systems in place. There are long-standing structural barriers that housing companies have to overcome in order to deliver a good tenant experience. By digitising the supply chain we’re creating a larger, more dynamic market of locally-available tradespeople and removing unnecessary manual processes, significantly improving the tenant or leaseholder experience.” He continued: “In the UK alone it costs approximately £7.1bn to repair and maintain the country’s affordable housing stock of four million homes.  Plentific could deliver annual savings of up to £1.8bn 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.”

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