Highland, Brookfield lead USD 100m round for Plentific

Harriet Matthews
25 August 2021

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Highland Europe and Brookfield Technology Partners have led a USD 100m Series C funding round for UK-based property maintenance platform Plentific.

Also participating in the round were Mubadala Investment Company, RXR Digital Ventures, AO Proptech and Target Global.

The round is substantially larger than Plentific's EUR 29m Series B, which it raised in 2019.

The company acquired UK-based property technology platform X Tag from Waterland in October 2020 as part of its M&A growth strategy.

Plentific said in a statement that it intends to use the fresh funding to grow its presence globally, particularly in the US. In addition, the firm intends to invest in engineering and product development, including the introduction of Internet of Things (IoT), asset management, machine learning and AI.

Highland Europe is currently deploying equity via Highland Europe Technology Growth IV, which held a final close in December 2020 on EUR 700m, surpassing its EUR 600m target, as reported. The vehicle aims to make 16-18 investments, deploying an average equity ticket of EUR 30m.

Brookfield Technology Partners (the venture arm of Canada-headquartered real estate-focused Brookfield Asset Management) invests in sectors including real estate, software and healthcare. The firm generally writes equity tickets of USD 25m-USD 50m.

Previous funding
Plentific raised a pre-seed round in 2013, followed by a USD 1.6m in seed round in March 2015 backed by Wild Blue Cohort.
Pi Labs and several angel investors backed a GBP 2m round for Plentific in July 2016.

Round Hill Ventures led a USD 5.5m funding round for the company in June 2018, joined by Pi Labs.

AO Proptech led a EUR 29m Series B for Plentific in November 2019. The round saw participation from Target Global and existing investor Round Hill Ventures.

Company
Founded in 2012 by CEO Cem Savas and CTO Emre Kazan, Plentific is a cloud-based platform that allows landlords and property managers to coordinate property repairs and maintenance processes. Plentific is headquartered in London and its software is available in the UK, Germany and the US. The company has around 200 staff and has more than doubled its headcount in the past year, according to a statement.

People
Plentific - Cem Savas (CEO).
Highland Europe – Sam Brooks (partner).
Brookfield Technology Partners – Josh Rafaelli (managing partner).