Procore

Procore Technologies is an American construction management software as a service company founded in 2002, with headquarters in Carpinteria, California. Procore hosts a platform to connect those involved in the construction industry on a global platform.[3][4] The software allows for the creation of simplified workflows and displays a consolidated view of construction products that includes the tracking of tasks, management of project workflows, and scheduling.[4]

History

Founder and CEO Craig "Tooey" Courtemanche started his career as a carpenter and served as a real estate developer, before starting a tech company in Silicon Valley. When building his home in Santa Barbara, Tooey realized that he could apply his technology background in the field of construction.[5] The app he built served to better manage the construction process.[6][4] Founded in 2002, the company was originally headquartered in Carpinteria, California.[7][6] Steve Zahm, founder of the e-learning company DigitalThink, joined Procore as president in 2004.[6]

Procore's revenue in 2012 was $4.8 million.[8] In 2020, it was $400 million.[1] The estimated revenue for 2024 is $1 billion.[9]

The company initially filed to go public in 2019, with plans to launch the IPO in 2020, but delayed the offering due to the coronavirus pandemic.[10][11] Procore stock began trading under stock ticker PCOR on May 20, 2021 at $67 per share. The initial public offering raised $634.5 million.[12][10] Following the IPO, the company was valued at nearly $11 billion. As of May 2021, the company has over 10,000 customers,[13] and over 2 million users of its products in more than 150 countries.[1][14][15]

Procore's main campus is on a 9-acre oceanfront property in Carpinteria, California.[16] As of 2023, Procore had ten offices around the globe, including those in North America, Asia and Europe.[17][18][19] The company has around 4,000 employees.[20]

Investors and acquisitions

In 2014, Bessemer Venture Partners led a $15 million investment round.[21] In 2015, the company raised an additional $30 million in a round led by Bessemer and Iconiq Capital.[6] In 2015, the Wall Street Journal reported the company to be worth "$500 million post-money."[22] In 2016, the company raised $50 million in a round led by Iconiq, reaching a $1 billion valuation.[6][23] In 2018, the company raised an additional $75 million,[24] and in 2020, it raised over $150 million.[10] In total, the company raised nearly $500 million from 2007 through its IPO in 2021.[25]

In July 2019, Procore acquired US project management software group Honest Buildings.[26] In October 2020, it acquired US estimating software provider Esticom.[27] Procore acquired construction artificial intelligence companies Avata Intelligence in 2020, and INDUS.AI in 2021.[13]

Software

Procore provides end-to-end construction management software for owners, general contractors, and specialty contractors.[28] It has a unified platform with solutions for various phases of work—including preconstruction, project management, workforce management, and financial management—as well as analytics.[28][29] Procore also connects to third-party integrations through its App Marketplace.[30]

Procore uses AI in its platform.[31] Two of the ways Procore is using AI are through Procore Copilot and Agents.[31] Copilot is a generative AI tool that allows users to retrieve information from and summarize project documents.[31] Procore Agents streamlines processes such as managing RFIs, scheduling, and submittals to automate tasks and reduce manual data entry.[31] These AI tools support workflows across the full project lifecycle.[31]

Philanthropy

Through Procore.org, the company has partnered with Habitat for Humanity and provides the Christian NGO "with unlimited use of Procore’s suite of products, including Project Management, Quality & Safety and Construction Financials as an in-kind donation."[32]

Procore.org has donated software to schools, in addition to helping women who are interested in the field of technology as it relates to construction.[33]

In September 2024, Procore sponsored the PGA Tour event in Napa.[3]

External links