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, with the total amount of shares issued equalling around £3.4 million, consisting of new capital and converting existing loan notes.
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 – key data in the institutional real estate industry.
“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,” said CEO Bredthauer.
“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.”
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,” said Annerie Vreugdenhil, chief innovation officer at 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.”