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.

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. The company had six employees at the time of its founding in 2003, originally headquartered in Montecito, CA.
Procore's revenue in 2012 was $4.8 million.
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.
In December 2018 the company raised $75M from Tiger Global Management, giving a company valuation of $3 billion.
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.

Investors

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

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

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. Data and video can also be streamed in to the system via drones.
The software includes features such as meeting minutes, drawing markups and document storage for all project-related materials. It is designed to support input from a number of sources including forwarded emails and PDFs. The system can be accessed from all internet-connected mobile devices.
Unlike other software offerings in the space, customers are charged based on annual turnover.
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, Botlink, a joint venture by Packet Digital that allows users to stream in both video and data from drones surveying their construction projects, and Dexter + Chaney, an ERP provider.
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.
Software review company Software Advice ranked Procore the #1 most popular construction software, based on number of users, search traffic, and social media presence.