PRODA has closed $8m (£6.6m) in its Series A funding round to continue developing its proptech platform, which is used by commercial property industry professionals to help make decisions in real estate deals.
The company’s software as a service (SaaS) solution uses machine learning to capture and standardise rent roll data, a metric used by the industry to determine the value of rental properties during a sale.
The funding round was led by previous investor Amsterdam-based ING Ventures. PRODA said it will use the fresh capital to continue developing the platform and growing its user base. It currently operates across 16 countries.
Vincent Buitelaar, director, ING Ventures said: “As both a customer and an investor, we have been hugely impressed with the progress PRODA has made since the previous round of fundraising.”
London-based PRODA was co-founded by ex-fund managers Peter Bredthauer and Charles Williams in 2017.
“We have fantastic support as we continue to fulfil our mission of transforming data from a headache into an asset,” said Peter Bredthauer, co-founder and CEO, PRODA.
The Series A also attracted capital from JLL Spark, Blackstone Innovations Investments and Concrete Ventures.
“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,” said Tanguy Quero, investment principal, JLL Spark.
PRODA’s raise is the latest sign of investor appetite for the UK’s proptech sector. Proptech investor Concrete Ventures recently announced it is looking to raise €100m (£86m) to invest in seed and Series A proptech startups.
Earlier this week proptech Least raised £1.5m in a seed funding round.