ICONIQ Capital Leads Expansion Investment in World's #1 Most Used Construction Platform to Solidify Industry Leadership Position
CARPINTERIA, Calif., April 16, 2015 — Procore Technologies, Inc., the world's number one most widely used construction management software, announced today that it has closed $30 million in growth funding from ICONIQ Capital, along with the participation of existing investor Bessemer Venture Partners. The funding will be used to further accelerate Procore's exponential growth and solidify the company's position as the de facto platform for cloud-based web and mobile construction software.
Procore helps construction professionals increase project efficiency and accountability by streamlining communication and centralizing documentation to minimize risk and delays––ultimately boosting profits. Procore enables construction professionals to collaborate on projects from any Internet-connected device, with access to all project documents, contracts, RFIs, submittals, schedules, and drawings via the cloud.
Thousands of project managers use Procore's platform to manage drawings, documents, construction schedules, and field communications on construction projects around the world. In the past year, Procore has doubled its user base and employee headcount and has been featured in the Inc. 500/5000 list of the fastest growing companies in the nation thanks to innovations to its construction project management tools.
"Since our initial investment in Procore, the company's performance has far exceeded our expectations," said Brian Feinstein, partner at Bessemer Venture Partners. "During the past year, the Procore team has executed on its product roadmap, grown its mobile app adoption, and secured some of the largest construction contractors and facility owners in the world. We're excited to see Procore continue to push the envelope on product innovation and bring more technology solutions to the construction industry."
"We started Procore over a decade ago when we identified the market need for a better way to manage projects and provide construction project teams with continuous access to their project data from anywhere, with any Internet-connected device. Today, our customers finish more projects on time and on budget because they are able to make better strategic and tactical decisions based on real-time insights provided by Procore," said Craig "Tooey" Courtemanche, founder and CEO of Procore. "This additional funding will provide us with a substantial advantage to execute on our mission to deliver easy and powerful solutions for the multi-billion dollar construction and facility owners market."
About Procore Technologies, Inc.
Procore Technologies, Inc., the world's number one most widely used construction management software, helps firms drastically increase project efficiency and accountability by streamlining and mobilizing project communication and documentation. Hundreds of thousands of registered Procore users manage all types of construction projects, including industrial plants, office buildings, apartment complexes, university facilities, retail centers, and more. For more information about Procore Technologies visit www.procore.com.
About ICONIQ Capital
ICONIQ Capital is a global multi-family office and merchant bank for a group of influential families. ICONIQ Capital has invested in high growth technology and software companies such as Alibaba, Apttus, Flipkart, Pluralsight, Sprinklr, and SurveyMonkey.
About Bessemer Venture Partners
Bessemer Venture Partners (BVP) invests in early-stage, hyper-growth startups, partnering closely with entrepreneurs to build durable businesses. BVP is a global firm with offices in Menlo Park, Cambridge, New York, Bangalore, and Herzliya. With $4 billion under management, BVP invests anywhere from $100,000 to $75 million in innovative companies like Pinterest, Twitch, Box, LinkedIn, Shopify, Yelp, Skybox and Skype. More than 100 BVP companies have gone public and in the last three years alone, BVP has had 37 exits (IPO and M&A) and made new investments in more than 70 companies. Learn more at www.bvp.com or on Twitter @BessemerVP.