Procore builds subscription-based construction management software used to plan, coordinate, and manage construction projects. The company sells products on a per-subscription basis with pricing tied to product mix and annual construction volume run on its platform. Procore filed an S-1 and had been preparing for an IPO but put those plans on hold amid the COVID-19 downturn while raising additional private funding; it could still go public if markets stabilize. Financially, Procore reported 2019 revenue of $289.2 million (up 55% year-over-year) and a 2019 net loss of $83.1 million, with an accumulated deficit of $300.8 million at the end of the year. Operating metrics include ARR growth from under $10 million in 2014 to over $250 million by August 2019, more than 1,800 employees as of August 2019, roughly 8,506 customers at the end of 2019, and over 1.3 million users. Procore develops software to manage construction projects, offering tools and services for planning and construction management. The company said it will use new funding to ramp up partner expansion, continue investing in new products and services, and hire additional talent. Procore reported having more than 1,300 employees across 12 offices and serving over 5,000 customers. The article frames Procore within a competitive construction tech landscape that has seen large investments and acquisitions, such as SoftBank’s stake in Katerra and Autodesk’s acquisition of PlanGrid. Procore is based in Carpinteria, California. The company’s recent financing valued it at $3 billion. Procore provides cloud-based project management software that gives construction companies real-time access to project information from any device. Led by CEO Tooey Courtemanche and based in Carpinteria, California, the company sells a core project management suite. Procore plans to use new funding to accelerate R&D, expand its product offering beyond its core suite, and grow internationally by opening its first offices outside the United States. In 2016 the company added more than 500,000 new users, bringing its user base to 1.5 million, and expects to end 2016 with over 2,500 clients across 92 countries. The company has close to 700 employees across seven U.S. offices. It raised $50M in venture capital to support these initiatives. Procore offers web and mobile construction management software that centralizes documents, contracts, RFIs, submittals, schedules, and drawings to streamline communication and reduce project risk. The platform enables construction teams to collaborate from any Internet-connected device and provides real-time insights to improve decision-making. Procore says thousands of project managers use its tools across industrial, commercial, residential, and institutional projects, and that it has hundreds of thousands of registered users. In the past year the company doubled its user base and employee headcount while increasing mobile app adoption. The company plans to use the new funding to accelerate its exponential growth, execute on its product roadmap, and solidify its position as the de facto cloud platform for construction and facility owners. Procore Technologies provides cloud-based construction management software that lets contractors, construction managers, architects, engineers and facility owners collaborate on project documents, contracts, RFIs, submittals, schedules and drawings from any Internet-connected device. The company offers mobile apps (Procore and CurrentSet by Procore) for iOS and Android to enable field access and data editing. Founded in 2003 and based in Carpinteria, Calif., Procore has grown to over 120 employees and has been featured on the Inc. 500/5000 list. The platform counts hundreds of thousands of registered users and thousands of project managers actively using it worldwide. Procore says it will use new funding to accelerate growth and expand its suite of mobile and web-based tools. Bessemer Venture Partners is joining the company’s board through partner Brian Feinstein as part of the investment.

Total raised

$320M

Funding rounds

5

Latest round

Equity

Latest activity

May 2020