Real Estate News
PRODA announces $8 million Series A fundraise
PRODA, the London-based data processing and analysis platform, has announced the completion of its Series A funding round. The fundraise was led by existing investor ING Ventures, and welcomes JLL Spark, Blackstone Innovations Investments and Concrete VC as new investors.
The backing by major stakeholders in the real estate sector will help PRODA establish its software platform as the centralised hub for processing and analysing lease, property and unit level data.
Launched in 2017, PRODA is a cloud-based SaaS solution that 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 given the property level detail captured. Regardless of currency, language or property-type, the machine-learning trained platform automates a previously manual and error-prone process, resulting in up to a 90% reduction in overall processing time in addition to higher quality data for its users.
PRODA currently operates across 16 countries, strategically tailoring its platform to regional needs. Their flagship technology includes new additions such as the tenant exposure and risk analysis tool, as well as an advanced charting tool that significantly saves asset managers time by formulating data exactly to their required specifications. The funding will be used to continue to scale the breadth and depth of PRODA's platform and grow its presence in and beyond Europe to meet the growing demand for its services.
Peter Bredthauer, Co-founder and CEO at PRODA, said:
"We are thrilled that companies like ING Ventures, JLL Spark, Blackstone and Concrete VC took part in our latest funding round. Alongside existing investors like SURPLUS Equity Partners and M7 Real Estate, we have fantastic support as we continue to fulfil our mission of transforming data from a headache into an asset."
Tanguy Quero, Investment Principal at JLL Spark, the corporate venture arm of JLL, also comments:
"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. PRODA's unique solution enables up to 90% productivity gain in rent roll data management and we are pleased to be a part of their future growth."
John Fitzpatrick, CTO of Real Estate and Private Equity at Blackstone, also comments:
"At Blackstone, we are always looking for best-in-class technology solutions that help support the growth and scale of our global businesses. PRODA's product addresses the historically manual activity of processing clean rent roll data and will drive meaningful efficiency gains across the underwriting and asset management activity within our real estate business. We look forward to working with the PRODA team as they continue to advance automation and data intelligence across the industry."
