PRODA secures £3.4m in seed funding from ING Ventures and Surplus Invest to advance its product pipeline.
ING Ventures and Surplus Invest have backed rent roll data platform PRODA in a funding round totalling roughly £3.4m.
PRODA provides a cloud-based software platform that automates the standardisation and analysis of rent roll data for the commercial real estate sector. The technology operates across sixteen countries to help firms improve data visibility and processing efficiency.
PRODA has secured approximately £3.4m in a seed funding round featuring participation from ING Ventures and existing backer Surplus Invest. The capital comprises new investment alongside the conversion of existing loan notes. The company intends to direct the proceeds toward developing its product pipeline, including enhanced data sharing capabilities and collaboration tools for software providers.
The fresh funding arrives on the heels of PRODA signing ING Bank as a customer, following rigorous testing across several international teams. The business is currently preparing for a larger Series A financing round scheduled for 2022.
From the founder
"Before signing ING Bank as a customer, we have been working very closely together over several months, with PRODA tested extensively in various teams across different countries. We were really impressed by ING’s interest and commitment to work with technology companies that improve process and services, not just for ING employees but for their customers and clients as well. As a result, it was an easy decision to team up with them to further our vision of building PRODA into a main hub for processing and analysing rent roll data."
Peter Bredthauer
Co-founder and CEO at PRODA
Investor perspective
"Our investment in PRODA, is evidence of our commitment to deliver best in class services across ING. By leveraging the technology of PRODA, ING can help to significantly reduce the administrative burden that rent roll management is for many clients. In addition, PRODA’s technology lets us realise efficiencies in our reporting towards regulators."
Annerie Vreugdenhil
Chief Innovation Officer, ING Ventures
Use of funds
- 01Continue product development
