What is Procore?
Procore is a prominent construction management software company headquartered in Carpinteria, California. Its integrated software platform and applications are designed to empower construction professionals to effectively manage project risks, ensuring projects remain on schedule and within budget. The company's product suite encompasses critical areas such as project management, financial management, quality and safety protocols, and field productivity tools, providing a holistic solution for the construction industry.
How much funding has Procore raised?
Procore has raised a total of $1.1B across 11 funding rounds:
Series D
$15M
Series E
$30M
Series F
$80M
Series G
$50M
Series H
$75M
Other Financing Round
$80M
Other Financing Round
$150M
Stock Offering
$634.5M
Series D (2014): $15M featuring Bessemer Venture Partners
Series E (2015): $30M backed by Iconiq Capital and Bessemer Venture Partners
Series F (2016): $80M with participation from Bessemer Venture Partners and ICONIQ Capital
Series G (2016): $50M led by ICONIQ Capital
Series H (2018): $75M supported by TriplePoint Venture Growth BDC, Bessemer Venture Partners, Iconiq Capital, and Lumia Partners
Other Financing Round (2019): $80M featuring Bessemer Venture Partners, ICONIQ Capital, TriplePoint Venture Growth BDC, and Deerfield Managment Company
Other Financing Round (2020): $150M backed by D1 Capital Partners
Stock Issuance/Offering (2021): $634.5M, investors not publicly disclosed
Key Investors in Procore
Bessemer Venture Partners
Bessemer Venture Partners is a long-standing venture capital firm with a global presence, known for investing in early-stage and growth-stage technology companies. Their extensive history and broad investment thesis make them a strategic partner for scaling software businesses.
ICONIQ Capital
ICONIQ Capital is a private investment firm that provides financial advisory and family office services, with a strong focus on technology growth equity and venture capital. They are known for backing prominent technology companies and offering strategic support.
TriplePoint Venture Growth BDC
TriplePoint Venture Growth BDC is a specialty finance company focused on providing debt financing and equity warrants to venture growth stage companies, particularly in the technology and life sciences sectors. They offer flexible capital solutions to support expansion.
What's next for Procore?
The substantial enterprise-level funding and recent strategic investment position Procore for accelerated expansion and continued product development. This capital infusion is likely to fuel advancements in its cloud-based construction management solutions, potentially including enhanced AI capabilities for project forecasting and risk mitigation. Procore's strategic focus will likely remain on deepening its market penetration, expanding its global reach, and further integrating its platform to offer an even more seamless experience for construction professionals. The company's trajectory suggests a continued emphasis on innovation to address the evolving needs of the construction industry.
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