ING Bank venture arm invests in rent roll data analyst
Proda, a rent roll data processor and analyst, has announced a £3.4m fundraising from backers including ING Ventures, ahead of gearing up for a Series A raise in 2022.
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The investment follows the successful signing of ING Bank as a customer earlier this year. Surplus Invest, an existing investor in Proda, has also taken part in this round of funding.
This funding round will help build upon the ongoing rollout of Proda’s product pipeline, including the sharing of data between users and the collaboration with other software and data providers.
Launched in 2017 by property professionals Peter Bredthauer and Charles Williams, Proda is a cloud-based software solution that captures, standardises, validates, and exchanges rent roll data.
The technology platform, which is targeted at real estate lenders, asset managers, investment brokers, as well as other proptech businesses, automates previously manual and error-prone data processing tasks.
“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.” said Annerie Vreugdenhil, chief innovation officer at ING.
Alexander Lorenz, partner at Surplus Invest, added: “Surplus has been supporting Proda for many years as we firmly believe Proda’s data driven approach to a huge industry pain point reaps significant benefits to various real estate related players across all asset classes. Proda‘s strong product evolution and rapidly increasing market recognition is simply a result of the Proda management team‘s in-depth real estate understanding and ongoing commitment to delivering the highest client experience.”
Peter Bredthauer, co-founder and CEO at PRODA, commented: “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.”