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Procore

From Wikipedia, the free encyclopedia
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 (Founder, CEO, President, and Chairman of the Board )
Steve Zahm (President)
Ajei Gopal (CEO Designate)
Paul Lyandres (CFO)
Pat Wadors (Chief Talent Officer)
Benjamin Singer (Chief Legal Officer)
Steve Davis (President, Product and Technology)
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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