Company:Procore

From HandWiki
Procore Technologies, Inc.
TypePublic company
IndustryConstruction Software
Founded2002; 24 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

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. ↑ 1.0 1.1 1.2 1.3 "Loading...". https://cprocore.com/press/procore-announces-fourth-quarter-and-full-year-2021-financial-results. 
  2. ↑ "Procore". https://www.owler.com/company/procore. 
  3. ↑ 3.0 3.1 Schupak, Adam (September 13, 2024). "Procore's CMO dishes on fast-tracking its title sponsorship deal of PGA Tour event in Napa". https://golfweek.usatoday.com/lists/pga-tour-napa-procores-fast-tracking-title-sponsorship/. 
  4. ↑ 4.0 4.1 4.2 DeFrancesco, Robert (June 28, 2024). "Procore Navigates Through A Challenging Construction Spending Environment" (in en). https://www.forbes.com/sites/robertdefrancesco/2024/06/28/procore-navigates-through-a-challenging-construction-spending-environment/. 
  5. ↑ 5.0 5.1 Chernova, Yuliya (31 Dec 2015). "Startup Procore's Valuation Nears That of Public Competitor Textura". https://blogs.wsj.com/venturecapital/2015/12/31/startup-procores-valuation-nears-that-of-public-competitor-textura/. Retrieved 5 May 2016. 
  6. ↑ "5 minutes with … Tooey Courtemanche at Procore" (in en). September 30, 2022. https://www.building.co.uk/5-minutes-with/5-minutes-with--tooey-courtemanche-at-procore/5118881.article. 
  7. ↑ 7.0 7.1 7.2 7.3 7.4 "How Procore Built The Cloud's Hottest Unicorn By Bringing Software To Low-Tech Construction Sites". https://www.forbes.com/sites/alexkonrad/2018/09/12/how-procore-built-the-clouds-hottest-unicorn-bringing-software-to-low-tech-construction-sites/?sh=64405311575a. 
  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". https://www.businessinsider.com/procore-office-tour-carpinteria-california-2019-6#procores-corporate-headquarters-is-located-in-carpinteria-california-a-beachside-town-just-10-miles-south-of-santa-barbara-the-southern-california-hq-houses-over-850-of-procores-more-than-1500-total-employees-1. 
  9. ↑ 9.0 9.1 Nellis, Stephen (20 June 2014). "Procore to build out South Coast operations with $15M Bessemer raise". http://www.pacbiztimes.com/2014/06/20/procore-to-build-out-south-coast-operations-with-15m-bessemer-raise/. 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" (in en). https://fortune.com/2024/08/07/cfo-1-billion-revenue-digitizing-construction-industry-procore/. 
  11. ↑ 11.0 11.1 11.2 11.3 "Procore Technologies Aims to Digitize Construction. Its IPO Gained 31%.". https://www.barrons.com/articles/procore-technologies-ipo-construction-51621548747. 
  12. ↑ 12.0 12.1 12.2 "Procore Raises $634.5 Million in IPO Priced Above Range". Bloomberg. 20 May 2021. https://www.bloomberg.com/news/articles/2021-05-20/construction-software-firm-procore-raises-634-5-million-in-ipo. 
  13. ↑ Slowey, Kim (4 March 2020). "Procore files IPO paperwork with SEC". ConstructionDive. https://www.constructiondive.com/news/procore-files-ipo-paperwork-with-sec/573461/. Retrieved 26 March 2020. 
  14. ↑ "Procore goes public, stock jumps 34%". 20 May 2021. https://www.pacbiztimes.com/2021/05/20/procore-goes-public-stock-jumps-25/. Retrieved 11 June 2021. 
  15. ↑ 15.0 15.1 "Construction tech firm Procore valued at $11 bln in solid market debut". https://www.reuters.com/technology/construction-software-firm-procores-shares-jump-25-market-debut-2021-05-20/. 
  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". December 3, 2023. https://www.thetwentyminutevc.com/tooey-courtemanche. 
  17. ↑ Hoagland, Ted (7 Jan 2016). "Carpinteria's Oceanfront CKE Campus Leases Filled in Fourth Quarter". Malamute Ventures. http://www.noozhawk.com/homes_lifestyle/article/carpinterias_oceanfront_cke_campus_leases_filled_in_fourth_quarter. Retrieved 6 May 2016. 
  18. ↑ Llovio, Louis (March 31, 2023). "Construction software company to double Tampa workforce" (in en). https://www.businessobserverfl.com/news/2023/mar/31/construction-software-company-to-double-tampa-workforce/. 
  19. ↑ Brooks, Steve (September 29, 2022). "Procore opens first office in Middle East". Enterprise Times. https://www.enterprisetimes.co.uk/2022/09/29/procore-opens-first-office-in-middle-east/. 
  20. ↑ "Procore puts name atop Sixth Street office tower". October 6, 2023. https://www.bizjournals.com/austin/news/2023/10/06/procore-tower-high-rise-naming-chase-tower.html. 
  21. ↑ James, Marty (September 16, 2024). "PGA Tour's Procore Championship: Kizzire wins by record 5 strokes in FedEx Cup Fall opener" (in en). https://napavalleyregister.com/article_d30a81ec-7403-11ef-b826-8b2d80ff54d2.html. 
  22. ↑ "Bessemer Venture Partners backs Procore with 15m investment". 11 Jun 2014. https://www.altassets.net/private-equity-news/by-news-type/deal-news/bessemer-venture-partners-backs-procore-with-15m-investment.html. Retrieved 31 May 2016. 
  23. ↑ "Procore Technologies Joins Billion-Dollar Startup Club". https://www.wsj.com/articles/procore-technologies-joins-billion-dollar-startup-club-1481230801. 
  24. ↑ "Procore Technology Valued at $3 Billion". 17 December 2018. https://www.independent.com/2018/12/17/procore-technology-valued-3-billion/. 
  25. ↑ "Procore Technologies funding rounds, valuation and investors". https://craft.co/procore-technologies/funding-rounds. 
  26. ↑ Alderson, Lucy (17 July 2019). "Procure Technologies acquires Honest Buildings". Estates Gazette. https://www.egi.co.uk/news/procure-technologies-acquires-honest-buildings/. 
  27. ↑ Rubenstone, Jeff (27 October 2020). "Procore Acquires Esticom, Maker of Estimating Software". ENR. https://www.enr.com/articles/50502-procore-acquires-esticom-maker-of-estimating-software. 
  28. ↑ 28.0 28.1 Krause, Reinhardt (March 21, 2024). "How Procore's CEO Built A Billion-Dollar Construction Software Business". https://www.investors.com/research/the-new-america/procore-stock-construction-software/. 
  29. ↑ "Procore Technologies launches construction insurance brokerage". March 22, 2023. https://fintech.global/2023/03/22/procure-technologies-launches-construction-insurance-brokerage/. 
  30. ↑ Anderson, James (24 Feb 2016). "Procore Launches App Marketplace, Partner Program For Construction Industry". Informa Exhibitions. http://www.channelpartnersonline.com/news/2016/02/procore-launches-app-marketplace-partner-program.aspx. Retrieved 6 May 2016. 
  31. ↑ 31.0 31.1 31.2 31.3 31.4 Seward, Jennifer (November 21, 2024). "Procore Releases New AI Agents, Platform Integrations at Groundbreak" (in en). https://www.enr.com/articles/59869-procore-releases-new-ai-agents-platform-integrations-at-groundbreak. 
  32. ↑ "Procore.org provides construction software to Habitat for Humanity as part of new partnership". November 7, 2017. https://www.habitat.org/newsroom/2017/procoreorg-provides-construction-software-habitat-humanity-part-new-partnership. 
  33. ↑ Capkun, Anthony (June 24, 2022). "One of the “evangelists for the industry” – Procore’s Tooey Courtemanche". https://www.ebmag.com/one-of-the-evangelists-for-the-industry-procores-tooey-courtemanche/. 



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