Procore

Procore Technologies is a US construction project management software company founded in 2003, with headquarters in Carpinteria, CA. It had revenues of $289.2 million, and 1.3 million users in 2019.

Procore Technologies
TypePrivate
IndustryConstruction Software
Founded2003
Headquarters
Carpinteria, California
Key people
Craig "Tooey" Courtemanche (CEO)
Steve Zahm (President)
Revenue $289.2 million
Number of employees
1,600
Websitewww.procore.com

History

Founder and CEO Craig "Tooey" Courtemanche created the software that became Procore as a response to his struggles to manage the construction of his new home in Santa Barbara, from his then-current home in Silicon Valley.[1] The company had six employees at the time of its founding in 2003, originally headquartered in Montecito, CA.[2]

Procore's revenue in 2012 was $4.8 million.[2]

As of the end of 2015, the company had 1600 clients, and projected to make more than $75 million in revenue from paid users in 2016.[1]

In December 2018 the company raised $75M from Tiger Global Management, giving a company valuation of $3 billion.[3]

On 28 February 2020, Procore filed documents with the U.S. Securities and Exchange Commission for a proposed initial public offering. According to its filing, Procore had revenues of $289.2 million in 2019, but recorded a net loss of $83.1 million; its platform had 1.3 million users at the end of 2019.[4]

Investors

Procore's investors include Venture Capital firm Bessemer Venture Partners, the longest-standing venture capital practice in the United States.[5] The Wall Street Journal reported the company to be worth "$500 Million post-money."[1]

Head office

Procore's office campus is on a 9-acre oceanfront property in Carpinteria, California. Procore expanded its offices in 2015 to encompass 61,079 square feet.[6] According to architects Kingdom Industry who designed the new space, the office was intentionally designed to feel spatially chaotic and elicit alertness and adaptability in employees.[7]

Procore HQ in Carpinteria CA

In 2015 Procore's office was included in a list of the 11 best office spaces in the US.[8]

Software

Procore's project management software allows teams of construction companies, property owners, project managers, contractors, and partners to collaborate on construction projects and share access to documents, planning systems and data.[2] Data and video can also be streamed in to the system via drones.[9]

The software includes features such as meeting minutes, drawing markups and document storage for all project-related materials.[10] It is designed to support input from a number of sources including forwarded emails and PDFs.[2] The system can be accessed from all internet-connected mobile devices.[5] Unlike other software offerings in the space, customers are charged based on annual turnover.[10]

Procore's offerings also include an App Marketplace for partner integrations and custom third-party applications. Partners include enterprise file storage and content management company Box,[11] Botlink, a joint venture by Packet Digital that allows users to stream in both video and data from drones surveying their construction projects,[9] and Dexter + Chaney, an ERP provider.[12]

In May 2016 Procore released a video demonstrating a working prototype of their software running on Microsoft's Augmented Reality headset, HoloLens. The video depicts a project manager wearing a HoloLens headset on a jobsite, viewing waypoints floating at that location. The project manager interacts with the waypoints and leaves notes for a field superintendent right at the physical location in the environment to which they refer.[13]

In 2015, software review company Software Advice ranked Procore the #1 most popular construction software,[14] based on number of users, search traffic, and social media presence.

References
  1. Chernova, Yuliya (31 Dec 2015). "Startup Procore's Valuation Nears That of Public Competitor Textura". Wall Street Journal. Retrieved 5 May 2016.
  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.
  3. "Construction management software developer Procore raises $75 million at a $3 billion valuation". TechCrunch. Retrieved 2018-12-14.
  4. Slowey, Kim (4 March 2020). "Procore files IPO paperwork with SEC". ConstructionDive. Retrieved 26 March 2020.
  5. "Bessemer Venture Partners backs Procore with 15m investment". AltAssets. 11 Jun 2014. Retrieved 31 May 2016.
  6. Hoagland, Ted (7 Jan 2016). "Carpinteria's Oceanfront CKE Campus Leases Filled in Fourth Quarter". Noozhawk. Malamute Ventures. Retrieved 6 May 2016.
  7. Rhodes, Margaret (30 June 2015). "The Startup That Designed Its Office To Confuse Workers". Wired. Conde Nast. Retrieved 5 May 2016.
  8. Jez, Karolina (26 Aug 2015). "Design Love: 11 of the Best Office Spaces in the United States". Notable.ca. Notable TV Corp. Retrieved 11 May 2016.
  9. Miller, Patrick (3 Mar 2016). "Botlink: Data isn't a problem for well-connected drones". UAS Magazine. Retrieved 6 May 2016.
  10. Slowey, Kim. "Procore offers daily data with launch of Construction Health Indicator". Construction Dive. Industry Dive. Retrieved 6 May 2016.
  11. Anderson, James (24 Feb 2016). "Procore Launches App Marketplace, Partner Program For Construction Industry". Channel Partners. Informa Exhibitions. Retrieved 6 May 2016.
  12. "Dexter + Chaney and Procore Partner to Offer Integrated Project Management". The NEWS. BNP Media. 2 Mar 2016. Retrieved 6 May 2016.
  13. McManamy, Rob (29 May 2016). "Minory Report, HoloLens, and Procore's Preview". BuiltWorlds. Retrieved 31 May 2016.
  14. Finch, Janna (2 Dec 2015). "Procore Tops 10 Most Popular Construction Software Products". ForConstructionPros.com. AC Business Media. Retrieved 5 May 2016.
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