CARPINTERIA, Calif., Dec. 8, 2016 /PRNewswire/ -- Procore, the leader in cloud-based construction software, today announced the close of a $50 million investment led by ICONIQ Capital.
The funding will be used to accelerate R&D investments, allowing Procore to expand its current product offering beyond its core project management suite. "As a customer first business, this funding provides us an opportunity to make an even greater impact," said Tooey Courtemanche, CEO, Procore. "I look forward to continuing our growth in the marketplace and meeting the evolving needs of our users." The company will continue its open platform approach to product development, supporting a connected software ecosystem that provides greater collaboration and improved efficiency. The money will also be used for international growth as the company plans to open its first offices outside of the United States.
"This round of investment from our partners at ICONIQ Capital will allow Procore to realize our vision to modernize construction," said Courtemanche. "Adding this funding to an already strong balance sheet puts Procore firmly in control of our future capital needs, and will provide us with the resources to expand and extend the development of the industry's leading construction technology platform."
In 2016, Procore added more than 500,000 new users, bringing the current number to 1.5 million users, and will exit the year with more than 2,500 clients across 92 countries. The company has close to 700 employees in seven offices across the United States.
Procore, the world's most widely used construction project management software, helps construction firms simplify the construction process with a powerful, yet easy to use platform. With unlimited user licenses and user-centric product development, we are able to create the most intuitive and collaborative platform — resulting in immediate ROI. When all stakeholders have constant access to real time project information from anywhere, at any time, with any device, firms drastically increase their project efficiency, and more importantly, profit. For more information about Procore, or for a free demo, visit www.procore.com.
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