ProDeal, a virtual deal-closing platform for commercial real estate, has raised $4 million in growth capital, allowing it to successfully exit the National Association of Realtors’ (NAR) scale-up program. The fresh funding will allow ProDeal to increase headcount, boost business development and marketing efforts, and widen its market share, the proptech revealed.
In May of 2021, ProDeal was one of ten companies initiated into the 2021 REACH program, a growth-centered curriculum operated by real estate-focused venture firm Second Century Ventures and backed by the NAR.
REACH Commercial in particular focuses on advancing new tech companies within the commercial real estate market. Its 2021 round included proptech LEX, the commercial real estate investing platform aimed at democratizing commercial portfolios.
Tuesday’s round was led by new investors Pretium, a specialized investment management firm with approximately $30 billion in assets, alongside program advisor Second Century Ventures.
Headquartered in New York, ProDeal offers closing software solutions intended to expedite the process through APIs and workflow management platforms. The company’s tech follows the user in the closing process from start to finish – from organizing and securing documentation to project management all via the cloud.
Closings can be maintained within a virtual ProDeal “deal room” where stakeholders can gather and manage checklists, distribute and revise documents and utilize real-time messaging apps to discuss propositions.
Its tech has been utilized for massive projects like Emerald Creek Capital’s $55 million bridge loan on the former Tammany Hall headquarters in Manhattan’s Union Square and for more than $750 million in financings for New York City’s Silverstein Capital Partners.
“The value of a platform like ProDeal is enormous – it’s changing how quickly, thoroughly and securely deals are closed in commercial real estate,” Dave Garland, Managing Director of Second Century Ventures, said.
Second Century has made roughly 175 investments with its capital funding, according to Crunchbase – its most recent being Curbio, a tech-enabled home renovation company born from the phrase “Curb Appeal Inside and Out.“
Alongside natural market gains, ProDeal realized more than 30% year-over-year growth, and its users created more than 10,000 deal rooms in 2021. Since its founding in 2017, the platform has been used to close over $70 billion in deals across more than 1,300 organizations.
ProDeal CEO Andrew Damico, who joined ProDeal in early 2020 after completing billion-dollar exits at both IntraLinks and iPipeline, stated, “The accomplishments of the past year are a result of an exceptional, dedicated team working incredibly hard and incredibly well together.”