Proptech firm Plentific has raised $100m (£73m) to accelerate its expansion in the US.
Existing investors A/O PropTech and Target Global were joined by new investors Highland Europe and Brookfield Technology Partners alongside Mubadala Investment Company and RXR Digital Ventures.
The new investment will allow the London-based firm to significantly grow its presence in the US, as well as further expand its global footprint.
The financing will also allow Plentific to accelerate its engineering and product development to increase digitalisation across the property and facilities management space.
Founded in 2013 by chief executive Cem Savas and chief technology officer Emre Kazan, Plentific uses cloud-based systems to provide a digital solution for repairs and maintenance processes.
Savas said: “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. Our next step is to rapidly expand in the US, as well as look to begin operating in new geographies.”
Savas said that Plentific had “only just scratched the surface of a $2.5tn potential market opportunity”.
A/O PropTech founder Gregory Dewerpe said: “Plentific has cemented its position as the leading European smart property management platform with operations in both the UK and Germany as well as recently launched in the US.”
He added that its success showed “how real estate is a sector particularly ripe for disruption”.
A/O PropTech invested late in Plentific’s Series A fundraise, before going on to lead its Series B raise. Dewerpe said that he was keen to partner with the firm “as it expands into the US and wider international markets”.
“Our mission at A/O PropTech is not only to transform the real estate industry, but also to improve the quality of life of tenants and local communities globally,” he said. “And Plentific is doing exactly that.”
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