The Proptech BOOM: UK Startup Plentific Raises £2 Million
One of the UK’s fastest growing ‘proptech’ startups, Plentific, raises £2m in funding, bringing total investment in the company to just over £2.9m. The latest round of investment includes major backing from a number of high profile angel and tech investors and Property Innovation Labs (Pi Labs), Europe’s first venture capital platform to invest exclusively in early stage ventures in the property tech vertical.
Plentific, founded by Cem Savas and Emre Kazan, is a home services marketplace designed to help homeowners, landlords and professionals with technology-enabled services. The platform has over 75,000 professionals listed across the UK and helps homeowners collect and compare quotes across over 350 services. The company has ambitions to develop a platform that is able to streamline the highly fragmented £235* billion European home improvement sector. The investment will be used to accelerate the development of additional features as well as to increase brand awareness.
Commenting on the investment, Cem Savas, co-founder of Plentific said: “We’re delighted with this investment which allows us to continue evolving our product and to start stretching our marketing legs. We are driven by making home improvements better value by removing the hassle of back-and-forth phone calls, protecting consumers identity, scheduling, sourcing quotes and payments, so people can focus on getting the work done.”
Plentific has earned the trust of Zoopla, Primelocation and the Planning Portal to power their ‘Find a Pro’ pages and will announce further partnerships throughout the year. In March, Plentific was selected to be a part of the Everline Future 50 for Real Business, and have been placed at #35 in the top 100 startups by startups.co.uk.
Commenting on the investment, Dominic Wilson, Managing Partner at Pi Labs, said; “We’re extremely pleased to be backing Cem and Emre in what is a huge market opportunity. The home services market is a key investment theme for Pi Labs given the strong European consumer fundamentals and Plentific’s speed of product development and calibre of partnerships were decisive factors in our involvement. It is an excellent first seed investment for our new fund and represents exactly the type of innovative, tech-enabled product, led by a great management team, we are looking to invest in.”
For Pi Labs, one of the principal investors in the Plentific fundraise, the investment further supports the booming activity in the proptech space with Plentific one of a number of startups looking to shake up this category. Pi Labs recently held a first close on its £10m fund, which continues to attract fresh capital, to invest in other startups in the sector, with Plentific its first seed deal of approximately 20 investments it expects to make over the next three years. Pi Labs is also planning an additional 20 pre-seed investments through its accelerator programme and recently announced the first five for this fund earlier this year.
Concluding on the announcement Emre Kazan, co-founder of Plentific, “Pi Labs was a key VC we wanted to have in the round. They have been operating in the European property market for some time so their domain expertise and experience will be invaluable as we look to realise our ambitions of making Plentific Europe’s biggest home improvement marketplace.”