Procore

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Procore Technologies
TypePublic
IndustryConstruction Software
Founded2002
FounderCraig "Tooey" Courtemanche
Headquarters
Key people
Craig "Tooey" Courtemanche (CEO)
Steve Zahm (President)
Paul Lyandres (CFO)
Pat Wadors (Chief Talent Officer)
Benjamin Singer (Chief Legal Officer)
RevenueIncrease $400 million (2020)[1]
-$96.2 million (2020)[1]
Number of employees
2,000+ (2021)[2]
Websitewww.procore.com

Procore Technologies is an American construction management software as a service company founded in 2002, with headquarters in Carpinteria, California.

History[edit]

Founder and CEO Craig "Tooey" Courtemanche created the software that became Procore as a response to his struggles to manage the construction of his new home in Santa Barbara, from his then-home in Silicon Valley.[3] The app he built tracked the activity of the workers onsite.[4] Founded in 2002, the company was originally headquartered in Montecito, California.[5][4] Steve Zahm, founder of the e-learning company DigitalThink, joined Procore as president in 2004.[4]

Procore's revenue in 2012 was $4.8 million.[5] In 2020, it was $400 million.[1]

The company initially filed to go public in 2019, with plans to launch the IPO in 2020,[6] but delayed the offering due to the coronavirus pandemic.[7][8] Procore stock began trading under stock ticker PCOR on May 20, 2021 at $67 per share. The initial public offering raised $634.5 million.[9][6][7] Following the IPO, the company was valued at nearly $11 billion.[10] As of May 2021, the company has over 10,000 customers,[6] and over 1.6 million users of its products in more than 125 countries.[1][10]

Procore's campus is on a 9-acre oceanfront property in Carpinteria, California.[11]

Investors and acquisitions[edit]

In 2014, Bessemer Venture Partners led a $15 million investment round.[12] In 2015, the company raised an additional $30 million in a round led by Bessemer and Iconiq Capital.[4] In 2015, the Wall Street Journal reported the company to be worth "$500 million post-money."[3] In 2016, the company raised $50 million in a round led by Iconiq, reaching a $1 billion valuation.[4][13] In 2018, the company raised an additional $75 million,[14] and in 2020, it raised over $150 million.[7] In total, the company raised nearly $500 million from 2007 through its IPO in 2021.[15]

In July 2019, Procore acquired US project management software group Honest Buildings.[16] In October 2020, it acquired US estimating software provider Esticom.[17] Procore acquired construction artificial intelligence companies Avata Intelligence in 2020, and INDUS.AI in 2021.[6]

Software[edit]

Procore's cloud-based construction management software allows teams of construction companies, property owners, project managers, contractors, and partners to collaborate on construction projects and share access to documents, planning systems and data, using an Internet-connected device.[5][6] Data and video can also be streamed in to the system via drones.[18] The software includes features such as meeting minutes, drawing markups and document storage for all project-related materials.[19][5]

Procore's offerings also include an app marketplace, with 300+ partners, including Box, an enterprise file storage and content management company;[20] Botlink, a joint venture by Packet Digital that allows users to stream in both video and data from drones surveying their construction projects;[18] and Dexter + Chaney, an ERP provider.[21]

In 2015, software review company Software Advice ranked Procore the #1 most popular construction software,[22] based on the number of users, search traffic, and social media presence. In 2018, Forbes wrote that the Procore app is the most popular software in the US construction industry.[4] It was ranked number 5 on the Forbes Cloud 100 list in 2018,[4] number 6 in 2019,[23] and number 8 in 2020.[24]

References[edit]

  1. ^ a b c d "Procore discloses projected share price for $600 million-plus IPO". pacbiztimes.com. Retrieved July 14, 2021.
  2. ^ "Procore". owler.com. Retrieved July 14, 2021.
  3. ^ a b Chernova, Yuliya (31 Dec 2015). "Startup Procore's Valuation Nears That of Public Competitor Textura". Wall Street Journal. Retrieved 5 May 2016.
  4. ^ a b c d e f g "How Procore Built The Cloud's Hottest Unicorn By Bringing Software To Low-Tech Construction Sites". forbes.com. Retrieved July 14, 2021.
  5. ^ a b c d Nellis, Stephen (20 June 2014). "Procore to build out South Coast operations with $15M Bessemer raise". Pacific Coast Business Times. Retrieved 5 May 2016.
  6. ^ a b c d e "Procore Technologies Aims to Digitize Construction. Its IPO Gained 31%". barrons.com. Retrieved July 14, 2021.
  7. ^ a b c "Procore Raises $634.5 Million in IPO Priced Above Range". bloomberg.com. Retrieved July 14, 2021.
  8. ^ Slowey, Kim (4 March 2020). "Procore files IPO paperwork with SEC". ConstructionDive. Retrieved 26 March 2020.
  9. ^ "Procore goes public, stock jumps 34%". Pacific Coast Business Times. 20 May 2021. Retrieved 11 June 2021.
  10. ^ a b "Construction tech firm Procore valued at $11 bln in solid market debut". reuters.com. Retrieved July 14, 2021.
  11. ^ Hoagland, Ted (7 Jan 2016). "Carpinteria's Oceanfront CKE Campus Leases Filled in Fourth Quarter". Noozhawk. Malamute Ventures. Retrieved 6 May 2016.
  12. ^ "Bessemer Venture Partners backs Procore with 15m investment". AltAssets. 11 Jun 2014. Retrieved 31 May 2016.
  13. ^ "Procore Technologies Joins Billion-Dollar Startup Club". wsj.com. Retrieved July 16, 2021.
  14. ^ "Procore Technology Valued at $3 Billion". independent.com. Retrieved July 16, 2021.
  15. ^ "Procore Technologies funding rounds, valuation and investors". craft.co. Retrieved July 16, 2021.
  16. ^ Alderson, Lucy (17 July 2019). "Procure Technologies acquires Honest Buildings". Estates Gazette. Retrieved 14 July 2021.
  17. ^ Rubenstone, Jeff (27 October 2020). "Procore Acquires Esticom, Maker of Estimating Software". ENR. Retrieved 14 July 2021.
  18. ^ a b Miller, Patrick (3 Mar 2016). "Botlink: Data isn't a problem for well-connected drones". UAS Magazine. Retrieved 6 May 2016.
  19. ^ Slowey, Kim. "Procore offers daily data with launch of Construction Health Indicator". Construction Dive. Industry Dive. Retrieved 6 May 2016.
  20. ^ Anderson, James (24 Feb 2016). "Procore Launches App Marketplace, Partner Program For Construction Industry". Channel Partners. Informa Exhibitions. Retrieved 6 May 2016.
  21. ^ "Dexter + Chaney and Procore Partner to Offer Integrated Project Management". The NEWS. BNP Media. 2 Mar 2016. Retrieved 6 May 2016.
  22. ^ Finch, Janna (2 Dec 2015). "Procore Tops 10 Most Popular Construction Software Products". ForConstructionPros.com. AC Business Media. Retrieved 5 May 2016.
  23. ^ "The 2019 Forbes Cloud 100 analysed". cloudcomputing.com. Retrieved July 16, 2021.
  24. ^ "The Cloud 100". forbes.com. Retrieved July 16, 2021.