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Press Release

Procore Technologies, Inc., Achieves Record-Breaking Growth in 2014

Cloud-Based Construction Management Provider Doubles User Base and Headcount, Opens New Global HQ

CARPINTERIA, Calif., Feb. 4, 2015 — Procore Technologies, Inc., the leader in cloud-based construction management software, today announced that it closed 2014 with record growth across all areas of its business as the construction industry continues to evolve and adopt SaaS-based, mobile technologies. The company doubled both its user base and employee headcount, thanks to innovations to its construction project management tools and strategic C-level executive appointees.

Procore helps construction professionals increase project efficiency and accountability by streamlining communication and centralizing documentation to minimize risk and delays—ultimately boosting profits. It 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.

"The global construction and engineering industry is seeing rapid technological advancement and adoption, and Procore will continue to heavily invest in innovation as we expand our strong footprint in the market," said Procore Founder and CEO, Tooey Courtemanche. "This investment paid off in spades last year, and we expect to see substantial continued growth in 2015."

2014 highlights include:

Organizational Growth
  • Closed $15 million in series D funding from Bessemer Venture Partners (BVP), the same Silicon Valley investors backing Yelp, LinkedIn, Skype, Box and Pinterest
  • More than doubled in employee headcount in 2015
  • Relocated its worldwide headquarters to two buildings, totaling 32,000 square feet, located on the oceanfront bluffs of Carpinteria, California
Product Momentum and Innovations
  • 100 percent growth in users and 137 percent increase in mobile users since 2013
  • Launched its first stand-alone free drawing app, CurrentSet by Procore. CurrentSet organizes construction drawings into one master set, automatically naming and numbering every sheet with automatic version tracking to ensure project teams never work off of outdated drawings.
  • Released meeting and scheduling tools for mobile devices
  • Launched Real Time As-Built with the ability to drop punch items directly onto drawings, link corresponding drawings, create RFIs and view older revisions from web and mobile devices
  • Enabled a QR code reader to locate submittals by scanning QR codes in the field
Notable Wins and Projects
  • Top construction firms like Turner Construction Company, Consigli Construction Co. Inc., HITT Contracting Inc., Balfour Beatty Communities, and Andres Construction Services joined the Procore family in 2014 and their projects join the thousands that improve our world, including Satterfield & Pontikes' Terminal 4 upgrade for Delta Airlines at JFK airport and Dale Corporation's Lincoln Financial Field (Philadelphia Eagles' Stadium).
Executive Appointees
  • Appointed Rusty Reed to Chief Financial Officer. Previously, Reed served in a senior capacity on two different IPO teams and has been a party to approximately $1 billion in Merger and Acquisition deals.
  • Appointed Matthew Reid to Chief Marketing Officer. Prior to joining Procore, Reid served as Vice President of Marketing at media attribution and analytics provider Impact Radius, and earlier in his career, led product marketing for Citrix Online.
  • Appointed Dennis Lyandres to Executive Vice President of Sales. Lyandres comes to Procore from Cloudera, the leading innovator and contributor to the Hadoop open source software community, where he was responsible for building several of the organization's fastest growing sales teams.
Awards and Recognition
  • Topped the Inc. 5000 list for the third year as one of the fastest growing private companies in America
  • Earned the 156th spot in the Deloitte Technology Fast 500 list recognizing the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America

For more information about Procore, or for a free online demo of its product offerings, visit www.procore.com.

About Procore Technologies, Inc.

Procore Technologies, Inc. provides cloud-based construction management software to clients across the globe. Using its award-winning suite of construction management software, 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. The Procore and free CurrentSet by Procore mobile apps for iOS and Android can be downloaded from the App Store or Google Play. For more information about Procore Technologies, or for a free online demo, visit www.procore.com.