Procore

Last updated
Procore Technologies, Inc.
Company type Public company
Industry Construction Software
Founded2002;23 years ago (2002)
FounderCraig "Tooey" Courtemanche
Headquarters Carpinteria, 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)
RevenueIncrease2.svg US$1 billion (2023) [1]
US$-96.2 million (2020) [1]
Number of employees
4,000+ (2024) [2]
Website www.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]

Contents

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] [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

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

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]

References

  1. 1 2 3 4 "Loading..." Archived from the original on 2022-11-14. Retrieved 2025-05-03.
  2. ↑ "Procore". owler.com. Retrieved July 14, 2021.
  3. 1 2 Schupak, Adam (September 13, 2024). "Procore's CMO dishes on fast-tracking its title sponsorship deal of PGA Tour event in Napa". Golfweek .
  4. 1 2 3 DeFrancesco, Robert (June 28, 2024). "Procore Navigates Through A Challenging Construction Spending Environment". Forbes .
  5. 1 2 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. 1 2 3 4 5 "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. 1 2 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. 1 2 3 4 "Procore Technologies Aims to Digitize Construction. Its IPO Gained 31%". barrons.com. Retrieved July 14, 2021.
  12. 1 2 3 "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. 1 2 "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. 1 2 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. 1 2 3 4 5 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.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.