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Procore

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Procore Technologies, Inc.
Company typePublic company
IndustryConstruction Software
Founded2002; 23 years ago (2002)
FounderCraig "Tooey" Courtemanche
HeadquartersCarpinteria, California, U.S.
Key people
Craig "Tooey" Courtemanche (CEO)
Steve Zahm (President)
Paul Lyandres (CFO)
Pat Wadors (Chief Talent Officer)
Benjamin Singer (Chief Legal Officer)
RevenueIncrease US$1 billion (2023)[1]
US$-96.2 million (2020)[1]
Number of employees
4,000+ (2024)[2]
Websitewww.procore.com

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

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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][6] The app he built served to better manage the construction process.[7][4] Founded in 2002, the company was originally headquartered in Carpinteria, California.[8][9][7] Steve Zahm, founder of the e-learning company DigitalThink, joined Procore as president in 2004.[7]

Procore's revenue in 2012 was $4.8 million.[9] In 2020, it was $400 million.[1] The estimated revenue for 2024 is $1 billion.[10]

The company initially filed to go public in 2019, with plans to launch the IPO in 2020,[11] but delayed the offering due to the coronavirus pandemic.[12][13] Procore stock began trading under stock ticker PCOR on May 20, 2021 at $67 per share. The initial public offering raised $634.5 million.[14][11][12] Following the IPO, the company was valued at nearly $11 billion.[15] As of May 2021, the company has over 10,000 customers,[11] and over 2 million users of its products in more than 150 countries.[1][15][16]

Procore's main campus is on a 9-acre oceanfront property in Carpinteria, California.[17] As of 2023, Procore had ten offices around the globe, including those in North America, Asia and Europe.[18][19][20] The company has around 4,000 employees.[21]

Investors and acquisitions

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In 2014, Bessemer Venture Partners led a $15 million investment round.[22] In 2015, the company raised an additional $30 million in a round led by Bessemer and Iconiq Capital.[7] In 2015, the Wall Street Journal reported the company to be worth "$500 million post-money."[5] In 2016, the company raised $50 million in a round led by Iconiq, reaching a $1 billion valuation.[7][23] In 2018, the company raised an additional $75 million,[24] and in 2020, it raised over $150 million.[12] 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.[11]

Software

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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

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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]

References

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  1. ^ a b c d "Loading..." Archived from the original on 2022-11-14. Retrieved 2025-05-03.
  2. ^ "Procore". owler.com. Retrieved July 14, 2021.
  3. ^ a b Schupak, Adam (September 13, 2024). "Procore's CMO dishes on fast-tracking its title sponsorship deal of PGA Tour event in Napa". Golfweek.
  4. ^ a b c DeFrancesco, Robert (June 28, 2024). "Procore Navigates Through A Challenging Construction Spending Environment". Forbes.
  5. ^ a b Chernova, Yuliya (31 Dec 2015). "Startup Procore's Valuation Nears That of Public Competitor Textura". Wall Street Journal. Retrieved 5 May 2016.
  6. ^ "5 minutes with … Tooey Courtemanche at Procore". Building. September 30, 2022.
  7. ^ a b c d e "How Procore Built The Cloud's Hottest Unicorn By Bringing Software To Low-Tech Construction Sites". forbes.com. Retrieved July 14, 2021.
  8. ^ Bastone, Nick (June 16, 2019). "Take a look inside the headquarters of Procore, the $3 billion tech startup in Southern California that has the Pacific Ocean right in its backyard". Business Insider.
  9. ^ a b Nellis, Stephen (20 June 2014). "Procore to build out South Coast operations with $15M Bessemer raise". Pacific Coast Business Times. Retrieved 5 May 2016.
  10. ^ Estrada, Sheryl (August 7, 2024). "This CFO plans to surpass $1 billion in full-year revenue by digitizing the construction industry". Fortune.
  11. ^ a b c d "Procore Technologies Aims to Digitize Construction. Its IPO Gained 31%". barrons.com. Retrieved July 14, 2021.
  12. ^ a b c "Procore Raises $634.5 Million in IPO Priced Above Range". Bloomberg. 20 May 2021. Retrieved July 14, 2021.
  13. ^ Slowey, Kim (4 March 2020). "Procore files IPO paperwork with SEC". ConstructionDive. Retrieved 26 March 2020.
  14. ^ "Procore goes public, stock jumps 34%". Pacific Coast Business Times. 20 May 2021. Retrieved 11 June 2021.
  15. ^ a b "Construction tech firm Procore valued at $11 bln in solid market debut". reuters.com. Retrieved July 14, 2021.
  16. ^ "20VC: From Construction Worker to Billionaire CEO; The 21-Year Epic Journey of Procore to an $8.6BN Company, Advice from Tobi at Shopify on Being a Great CEO & Why The Idea of "Becoming an Entrepreneur" is BS with Tooey Courtemanche". 20VC. December 3, 2023.
  17. ^ Hoagland, Ted (7 Jan 2016). "Carpinteria's Oceanfront CKE Campus Leases Filled in Fourth Quarter". Noozhawk. Malamute Ventures. Retrieved 6 May 2016.
  18. ^ Llovio, Louis (March 31, 2023). "Construction software company to double Tampa workforce". Business Observer.
  19. ^ Brooks, Steve (September 29, 2022). "Procore opens first office in Middle East". Enterprise Times.
  20. ^ "Procore puts name atop Sixth Street office tower". American City Business Journals. October 6, 2023.
  21. ^ James, Marty (September 16, 2024). "PGA Tour's Procore Championship: Kizzire wins by record 5 strokes in FedEx Cup Fall opener". Napa Valley Register.
  22. ^ "Bessemer Venture Partners backs Procore with 15m investment". AltAssets. 11 Jun 2014. Retrieved 31 May 2016.
  23. ^ "Procore Technologies Joins Billion-Dollar Startup Club". wsj.com. Retrieved July 16, 2021.
  24. ^ "Procore Technology Valued at $3 Billion". independent.com. 17 December 2018. Retrieved July 16, 2021.
  25. ^ "Procore Technologies funding rounds, valuation and investors". craft.co. Retrieved July 16, 2021.
  26. ^ Alderson, Lucy (17 July 2019). "Procure Technologies acquires Honest Buildings". Estates Gazette. Retrieved 14 July 2021.
  27. ^ Rubenstone, Jeff (27 October 2020). "Procore Acquires Esticom, Maker of Estimating Software". ENR. Retrieved 14 July 2021.
  28. ^ a b Krause, Reinhardt (March 21, 2024). "How Procore's CEO Built A Billion-Dollar Construction Software Business". Investor's Business Daily.
  29. ^ "Procore Technologies launches construction insurance brokerage". FinTech Global. March 22, 2023.
  30. ^ Anderson, James (24 Feb 2016). "Procore Launches App Marketplace, Partner Program For Construction Industry". Channel Partners. Informa Exhibitions. Retrieved 6 May 2016.
  31. ^ a b c d e Seward, Jennifer (November 21, 2024). "Procore Releases New AI Agents, Platform Integrations at Groundbreak". Engineering News-Record.
  32. ^ "Procore.org provides construction software to Habitat for Humanity as part of new partnership". Habitat for Humanity. November 7, 2017.
  33. ^ Capkun, Anthony (June 24, 2022). "One of the "evangelists for the industry" – Procore's Tooey Courtemanche". Electrical Business.
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