London-based proptech PRODA has raised $8 million in a Series A funding. The round was led by existing investor ING Ventures, and backed by new investors, including JLL Spark, Blackstone Innovations Investments and Concrete VC.
The funding will go a long way to enable PRODA to establish its software platform as the centralised hub for processing and analysing lease, property and unit level data.
Launched in 2017, the cloud-based SaaS solution captures, standardises, validates, analyses and exchanges rent roll data – a critical input leveraged throughout the commercial real estate industry among lenders, investors and asset managers. Regardless of currency, language or property-type, the machine-learning trained platform automates a previously manual and error-prone process. According to the company, companies witness up to a 90% reduction in overall processing time in addition to higher quality data for its users. The platform currently operates across 16 countries,
Peter Bredthauer, co-founder and CEO at PRODA, said: “The new funding will let us pursue our mission of transforming data from a headache into an asset.”
Vincent Buitelaar, director at ING Ventures, added: “As both a customer and an investor, we have been hugely impressed with the progress PRODA has made since the previous round of fundraising. Not only has the team grown to meet rapidly increasing demand, but PRODA’s product development has been exceptionally well thought through, enabling us to provide best-in-class services to our employees and clients.”
Tanguy Quero, investment principal at JLL Spark, the corporate venture arm of JLL, also added: “Our investment in PRODA aligns with JLL Spark’s strategy of backing early-stage startups that can solve the most pressing issues in commercial real estate.”