£20.5m funding for Planet Smart City
Planet Smart City has secured £20.5m funding.
The London-headquartered provider of smart affordable housing secured the investment from existing and new investors, taking the total amount raised since the company’s inception to €100m.
The PropTech improves quality of life for residents and fosters communities by providing superior infrastructure, urban planning, sustainability and technological solutions, supported by its Planet app.
Available to all residents, the app allows those who live within its communities to manage the smart solutions available in their area and facilitates social innovation programmes, which take place in shared spaces and are deployed by experienced professionals, such as community managers.
Stefano Buono, chairman of Planet Smart City, commented: “I am thrilled that our mission to create superior homes and deliver fantastic quality of life is positively impacting the lives of those who live within our communities.
“Looking ahead, through this latest investment in the business and the continued support of such large group of wise investors, we will be able to continue on our ambitious journey that will allow us, one day, to extend this positive impact to millions across the globe.”
The funds will be used to finance the company’s growth plans, which includes the launch of 30 large-scale residential projects by the end of 2023, with a milestone of eight projects launched by the end of 2020.
In addition to supporting growth, the funds will be also used to further develop Planet Smart City’s digital platform through the creation of new services and experiences for its communities.
Giovanni Savio, co-founder and global CEO of Planet Smart City, said: “Our vision to change the way affordable housing is delivered worldwide continues to attract significant interest from investors, which prompted us to initiate our latest round of fundraising.
“These funds will help us to further develop our digital offering, which benefits our existing and future communities, and supports our ambitious growth plans.
“In Brazil, we’re continuing to see excellent progress in our current developments – Smart City Laguna and Smart City Natal, where we’re welcoming more new families each month – and we’re delighted to launch our latest project in Sao Paulo, which will create 2,500 apartments with integrated smart solutions that offer residents improved quality of life.
“These projects, as well as our projects in Italy, continue to be important proof points which demonstrate the importance of our business model.”
In addition to its operations in Brazil, the company works in partnership with developers worldwide to revitalise existing communities through smart solutions integration. As a result of the partnership with the Palladium Group, Planet transformed the Quartiere Giardino District in Milan, and in a similar capacity is also advising on REDO, the first smart social housing district in Milan funded by the Lombardy Real Estate Fund and managed by REDO SGR.
In line with its growth strategy to operate in geographies with large housing deficits, the business also plans to expand its operations to India during the current year.