Total amount raised
$654 Million
Latest funding date
9/1/2023
Location
Procore has successfully raised funds over 17 rounds, with the latest being a Post-IPO Secondary round. The company is backed by 17 investors, including 12 West Capital and Global Secure Invest.
Procore has also made strategic investments and acquisitions, with the most recent investment in PermitFlow and the latest acquisition being FlyPaper Technologies. Keep reading to explore the intricacies of Procore's fundraising journey and the investors backing this innovative platform.
What Is Procore?
Procore Technologies is a public company that provides cloud-based management software designed to simplify project execution and management tasks for the construction sector. The company is located in Carpinteria, California, United States, and operates globally.
Procore serves the construction industry with a range of solutions, including project management, quality and safety, financial management, and AI-powered insights through Procore Helix. The company has an employee count between 1001-5000.
Procore aims to advance the construction industry by improving the lives of people working in construction, driving technology innovation, and building a global community of groundbreakers.
How Much Funding Has Procore Raised?
- Round Name: Series G
- Amount Raised: USD 50,000,000
- Date: December 2016
- Lead Investors: ICONIQ Growth
- Valuation at Round: USD 1,000,000,000
- Motivation Behind the Round: The funding was aimed at further growth and scaling.
- Round Name: Series H
- Amount Raised: USD 75,000,000
- Date: December 2018
- Lead Investors: Tiger Global Management
- Valuation at Round: Nearly USD 3,000,000,000
- Motivation Behind the Round: To support the company's growth and expansion.
- Round Name: Series H
- Amount Raised: USD 97,900,000
- Date: July 2019
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely to continue supporting growth and expansion.
- Round Name: Series I
- Amount Raised: USD 94,900,000
- Date: September 2019
- Lead Investors: ICONIQ Growth
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further enhance the company's market position.
- Round Name: Series Unknown
- Amount Raised: USD 150,000,000
- Date: May 2020
- Lead Investors: D1 Capital Partners
- Valuation at Round: USD 5,000,000,000
- Motivation Behind the Round: The decision to raise funds instead of going public was influenced by the economic downturn due to COVID-19.
- Round Name: Series I
- Amount Raised: USD 1,020,000
- Date: May 2020
- Lead Investors: Global Secure Invest
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue supporting the company's growth and technological advancements.
- Round Name: Secondary Market
- Date: July 2020
- Lead Investors: 12 West Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Round Name: Post-IPO Secondary
- Amount Raised: USD 4,070,000
- Date: September 2023
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing business operations and strategic initiatives.
Total Amount Raised: USD 472,890,000. Current Valuation: USD 5,000,000,000.
Key Investors
- 12 West Capital
- Details: 12 West Capital is a private investment firm that focuses on long-term investments in high-growth companies. They have a reputation for being strategic partners to their portfolio companies.
- Investment Focus Areas: Technology, consumer, healthcare.
- Notable Investments: Procore, Peloton, Spotify.
- Global Secure Invest
- Details: Global Secure Invest is an investment firm that specializes in providing capital to technology-driven companies. They aim to support businesses that have the potential for significant growth.
- Investment Focus Areas: Technology, cybersecurity, fintech.
- Notable Investments: Procore, CrowdStrike, Stripe.
- D1 Capital Partners
- Details: D1 Capital Partners is a global investment firm that invests in both public and private markets. They are known for their diversified investment strategy and significant capital base.
- Investment Focus Areas: Technology, healthcare, consumer.
- Notable Investments: Procore, SpaceX, Robinhood.
- Tiger Global Management
- Details: Tiger Global Management is a leading investment firm that focuses on private and public companies in the technology sector. They have a strong track record of backing successful startups.
- Investment Focus Areas: Technology, media, telecommunications.
- Notable Investments: Facebook, LinkedIn, Spotify.
- ICONIQ Capital
- Details: ICONIQ Capital is a private investment firm and multi-family office that manages capital for a select group of influential families. They focus on long-term investments in technology and growth-stage companies.
- Investment Focus Areas: Technology, growth-stage companies, real estate.
- Notable Investments: Airbnb, Uber, Procore.
What's Next for Procore?
Procore stands at the cusp of significant opportunities, driven by the growing interest in construction technology. With a valuation of $5 billion and annual recurring revenue surpassing $250 million, the company is well-positioned to capitalize on the increasing demand for construction management solutions. The potential for future fundraising remains strong, especially if market conditions stabilize, allowing Procore to consider an IPO or attract more private investments.
However, the path forward is not without challenges. Procore's history of losses and the potential impact of economic downturns on the construction industry could pose significant hurdles. Despite these challenges, the company's impressive growth in customer base and revenue suggests a promising future, with opportunities for further expansion and strategic acquisitions in the construction tech sector.
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