Procore Technologies Inc. Raises $15 Million to Accelerate Growth of Construction Software Business
Top Cloud Investor Bessemer Venture Partners Funds Procore Technologies Inc. to Bring the Power of Cloud-Based Construction Software to the Job Site
CARPINTERIA, Calif., June 12, 2014-- Procore Technologies Inc., the leader in cloud-based construction management software, announced today it has closed $15 million in a series D funding from Bessemer Venture Partners (BVP). The funding will be used to accelerate Procore’s growth and expand its suite of mobile and web-based tools for managing construction projects. As part of the funding, BVP partner, Brian Feinstein, will join Procore’s Board of Directors.
Procore founder CEO Tooey Courtemanche is all too familiar with the error-prone and labor-intensive methods that construction project managers used prior to Procore. Frustrated with the paper-and-pencil approach to project management, Tooey used his background in software development and first-hand experience in the construction industry to create the leading cloud solution for construction project management. Since its founding, Procore has grown to over 120 employees and has been featured in the Inc. 500/5000 list of the fastest growing companies in the nation.
Procore allows construction professionals to collaborate on construction projects from any Internet-connected device with access to all project documents, contracts, RFIs, submittals, schedules and drawings via the cloud. Procore allows general contractors, construction management firms, architects, and engineers to edit and share data in the field, and provides facility owners with continuous visibility on the progress of their entire project portfolio. Today, thousands of project managers use Procore’s platform to actively manage drawings, documents, construction schedules and field communications on construction projects around the world.
“The most successful vertical-focused software companies are run by entrepreneurs who spend years working to address the specific needs of their customers. Procore’s founders fit this model perfectly,” said BVP’s Brian Feinstein. “We studied every software solution in the construction industry. It was clear to us that Procore had the leading cloud-based product for general contractors and facility owners to manage their projects.” “Procore was among the first in our industry to offer cloud-based construction project management software,” says Procore CEO Tooey Courtemanche.
“We are redefining the construction software landscape by giving project team members continuous access to their project data from anywhere, on mobile devices as well as computers. We chose to team up with BVP because they have a deep understanding of how to rapidly scale market-leading cloud-based software companies. We can’t wait to work with BVP to strengthen Procore’s position as the leading cloud solution in the market.”
About Procore Technologies Inc.
Procore Technologies, Inc., founded in 2003, 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 http://www.procore.com.
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, Mumbai, Bangalore, Herzliya and Sao Paulo. With $4 billion under management, BVP invests anywhere from $100,000 to $75 million in innovative companies like LinkedIn, Yelp, Skype, CornerstoneOnDemand, Pinterest, Box and Twilio. Over 100 BVP companies have gone public. Learn more at bvp.com and follow us on Twitter @BessemerVP.
Procore Technologies Inc.
Missy Stein, 805-456-6820
Venture Capital Database