Profile

Procore Technologies, Inc., founded in 2002 by Tooey Courtemanche, is a leading provider of construction management software. With more than 3,600 employees, the company has served over 1 million projects in 150+ countries. Procore has been backed by investors such as Tiger Global and ICONIQ Capital and launched its IPO in 2021.

Procore’s software helps construction companies manage their projects from bidding to closeout to help save time and money. The software automates many of the tasks that are typically done manually, such as creating estimates, tracking expenses, and managing change orders. This frees up construction workers to focus on more important tasks, such as managing projects and completing work safely.

The software is also designed to help construction companies improve their quality control. It provides real-time data on project progress, which can be used to identify potential problems early on to help avoid costly delays and mistakes. Procore is used by some of the largest construction companies in the world, such as AECOM, Bechtel, and Turner Construction, and is a trusted partner for small and medium-sized construction companies.

Key Products

Procore offers a comprehensive suite of construction management software products designed to help construction companies manage their projects from start to finish. The company’s products include:

Procore Construction Management Software

This flagship product is a cloud-based software platform that helps construction companies manage their projects, including planning, budgeting, scheduling, and collaboration. It also includes features such as document management, RFI management, and punch list management. This product is used by a wide range of construction companies, from small businesses to large enterprises.

Procore BIM

Procore BIM is a powerful Building Information Modeling (BIM) tool that enhances coordination and collaboration among project teams. It enables construction professionals to upload, manage, and access 3D models within Procore, providing a centralized platform for teams to visualize and analyze the project’s design and constructability. With Procore BIM, users can identify clashes, track changes, and ensure alignment between the virtual model and the physical construction.

Procore Field Productivity

This mobile app helps construction workers stay connected to the project and complete tasks more efficiently. It includes features such as checklists, barcode scanning, and photo documentation. This product is used by construction workers on all levels, from field supervisors to laborers.

Procore Analytics

Procore Analytics provides construction firms with valuable insights into their project performance and business operations. It offers pre-built reports and dashboards that enable users to monitor key metrics, track project progress, and identify trends. With Procore Analytics, construction professionals can make data-driven decisions, optimize processes, and drive continuous improvement across their projects.

Customer insights

On G2, Procore has received positive ratings and reviews from users. With an impressive average rating of 4.5 out of 5 stars based on 1,800+ reviews, customers appreciate Procore’s robust features, ease of use, and comprehensive construction management capabilities. Users highlight the platform’s ability to streamline project workflows, improve communication and collaboration, and enhance overall project efficiency. The customer reviews on G2 emphasize Procore’s role in centralizing project information, facilitating document management, and providing real-time insights into project progress.

Similarly, on Capterra and Software Advice, Procore has garnered favourable feedback from users. With an average rating of 4.5 out of 5 stars on both platforms, customers praise Procore’s user-friendly interface, powerful project management tools, and the platform’s ability to streamline construction processes. Users appreciate Procore’s document control features, budgeting and financial management capabilities, and the platform’s support for real-time collaboration among project stakeholders. The reviews highlight Procore’s value in driving project success, reducing rework, and improving overall project outcomes.

Overall, the customer reviews indicate that Procore is well-regarded by construction professionals, who appreciate its comprehensive set of features, ease of use, and ability to streamline project management processes. The platform’s emphasis on collaboration, document control, and real-time insights resonates with customers and contributes to their positive experiences.

Customer Quotes

“The Bidding tool took 3 solid days of work- putting together bids, distributing paper copies, and more- and reduced it to 5 hours.” Todd Seip, Geisinger

“Procore provides the critical feedback that our estimating teams need to increase accuracy for future estimates.” – Ben Smith – KSC

“Superintendents and field teams understand how logistics and pricing was performed during pre construction so they can build what was originally envisioned” – Curt Giebeig, RA-LIN

“Our company has a vision to only write information once. Estimating and the connection to Financials helps us reach that vision.” – Thomas Bencteux, GRIMARD

“From an executive perspective, Procore makes it so easy to get full visibility into financial health across all projects.” – Nima Darabi, Vice President, Hoffman Construction

“The financial data we get makes us so much more dangerous. We can go out and get more work at the margins we need” – Wes Simpson, Chief Executive Officer, Green Mechanical

“By integrating with JD Edwards, we can see the actual cost and actual revenue of each project right now.” – Karmyn Babcock, Vice President Of Operational Excellence, The Weitz Company

“My regional directors can tell me right down to the dollar exactly where we are sitting with budgets and overall performance. It’s really powerful.” – Sarah Heppinstall, Vice President Of Construction, First Capital

“With Procore’s advanced forecasting, we can enhance our cash flow, projections, volume of earned revenue, and profit forecasting.” – Carl McFarland, Market Sector Executive, Kitchell Contractors

Statistics

• Number of employees: 4,000+


• Number of organic customers: 15,000+


• Revenue (Q1 23): $214 million


• Growth rate: 34% (Q1 2023)


• Procore’s net profit jumped 11.16% since last year same period to $-63.45Mn in the Q1 2023. On a quarterly growth basis, Procore has generated 10.87% jump in its net profits since last 3-months.


• GAAP gross margin was 81% and non-GAAP gross margin was 85% for Q1, FY23.

Rating and Commentary

Procore has solidified its position as a leading provider of construction management software, gaining widespread recognition and trust within the industry. With over 2 million users in more than 150 countries, Procore’s software is widely utilized, demonstrating its global reach and industry-wide impact. In fiscal year 2022, Procore reported an impressive revenue of $720 million, representing a remarkable year-over-year increase of 40%. This substantial growth has been supported by notable investors like Tiger Global Management, further fuelling Procore’s expansion.

Procore’s commitment to staying at the forefront of technology is evident through its extensive integration with over 400 industry tools and platforms. Leading the company is a seasoned leadership team, spearheaded by CEO Tooey Courtemanche, who brings a wealth of industry expertise and strategic vision. Under their guidance, Procore has experienced significant growth, now employing over 4,000 individuals and expanding its presence in the market. Despite facing competition from companies like Autodesk Construction Cloud, Procore remains resilient and successful. As the construction industry evolves and new challenges emerge, Procore is well-positioned to drive innovation, empower its customers, and shape the future of construction management.

Procore's Video

Key Executives

Tooey Courtemanche, Founder and CEO 

Tooey Courtemanche is the visionary founder and CEO of Procore. With his entrepreneurial spirit and industry expertise, Tooey has led Procore from its inception to becoming a global leader in construction management software. Under his guidance, connecting over 2 million users across 150+ countries. Tooey’s strategic leadership has also propelled Procore solidifying its position as a leading technology provider in the construction industry.

Howard Fu, Chief Financial Officer

Paul Lyandres serves as the Chief Financial Officer of Procore, overseeing the company’s financial operations and strategies. With his extensive background in finance and investment banking, Paul has been instrumental in securing Procore’s financial stability and fueling its growth. Mr. Fu holds a B.S. in Civil Engineering from the University of California, Berkeley, an MBA in Finance from Yale University with more than 20 years of experience in finance leadership positions with companies such as Visa, Salesforce, LinkedIn, and DocuSign.

Wyatt Jenkins, Chief Product Officer

Wyatt Jenkins is responsible for driving the company’s strategic initiatives and partnerships. With his deep understanding of the construction industry and technology landscape, Wyatt plays a pivotal role in shaping Procore’s product roadmap and market strategy. He has been instrumental in forging strategic alliances with industry leaders to integrate Procore’s software with other construction technology solutions. Wyatt’s strategic vision and industry insights have positioned Procore as an innovative force in the construction technology market.  Prior to joining Procore, Mr. Jenkins held executive roles at companies such as Patreon, Optimizely, Shutterstock and his own startup Beatport.com. 

Organizational Insights

Procore’s organizational culture is based on the values of openness, ownership, and optimism. The company believes that these values are essential for creating a successful and sustainable business.

Procore is an open and transparent company. The company encourages employees to share ideas, ask questions, and give feedback. Procore also believes in being open with its customers and partners. Procore believes that employees should take ownership of their work. The company gives employees the freedom to make decisions and take risks. Procore also provides employees with the resources they need to be successful. Procore is an optimistic company. The company believes that anything is possible if you set your mind to it. Procore also believes in the power of teamwork and collaboration.

Its organizational culture has been praised by employees and customers alike. Most employees are happy with the work-life balance at the company with the feeling of creating an impact. Procore also offers a multitude of benefits to its employees including Physical and Mental Wellness Support, Retirement benefits(401k/RRSP), ESOPs, etc. The company has been recognized as a great place to work by several organizations, including Fortune, Glassdoor, and Forbes. With an average rating of 4.4, it was mentioned in the ’Best Places to Work in 2023 by Glassdoor.

Company Quotes

“Together, we can create more inclusive and diverse workplaces and communities. I am optimistic that, as a society, we are on the precipice of positive change. Procore is committed to doing our part to help drive that change by finding ways to purposefully support this work with our resources, voices, and actions. If you’d like to be a part of our efforts, join us.” – Tooey Courtemanche, Procore CEO

Board Members

Tooey Courtemanche, Founder and CEO

With a deep understanding of the construction industry and over two decades of experience in software development, Tooey has been instrumental in leading Procore’s growth and innovation. His vision and leadership have positioned Procore as a leading provider of construction management software.

Kate Bueker, Independent Director

Kate Bueker is the Chief Financial Officer of HubSpot, the customer relationship management (CRM) platform for scaling companies. She has held this position since June 2018. 

Nanci Caldwell, Independent Director

From April 2001 to January 2002, Ms. Caldwell served as Senior Vice President and Chief Marketing Officer at PeopleSoft, Inc. (acquired by Oracle Corporation), and from January 2002 to December 2004, Ms. Caldwell served as Executive Vice President and Chief Marketing Officer at PeopleSoft. Prior to PeopleSoft, Inc, Ms. Caldwell spent 19 years at HP where she held a number of senior management positions.

These board members bring a combination of industry knowledge, leadership, and vision to guide Procore’s growth and success.

Investors

Procore has raised over $650 million in funding from a range of prominent venture capital firms, private equity investors, and financial institutions. These investments have played a vital role in supporting the company’s growth and expansion. Here are some of the notable investors in Procore:

Tiger Global Management

Tiger Global Management, a prominent global investment firm, has shown confidence in Procore’s growth potential and made an investment of $75 Million in 2018 company. With their extensive experience in backing disruptive technology companies, Tiger Global Management’s investment highlighted Procore’s strong market position.

D1 Capital Partners

Procore has closed on more than $150 million in funding at a valuation of about $5 billion in 2020. D1 Capital Partners is an investment firm that deploys capital in both public and private markets.

ICONIQ Capital

ICONIQ Capital is a privately-held investment firm that serves some influential families and organizations. Procore raised $50M in a new funding, led by ICONIQ Capital in 2016.

Key Milestones

• First Trust Advisors LP Invests $7.3 Million in Cloud-Based Construction Management Provider Procore Technologies, Inc in 2023


• Procore Announces Two Leadership Appointments (2023)


• Procore Launches Construction Insurance Brokerage to Empower Builders (2023)


• Recognition and Awards: Procore has received numerous accolades and industry recognition for its contributions to the construction management space. This includes the Top 100 Software Product by G2 in 2023, Top 2023 Best Places To Work by Glassdoor and Builtin.


• Inpensa Announces Partnership With Procore to Deliver Its Integrated Capital Planning Solutions (2022)


• Multiple Key Acquistions: In 2021, Procore acquired multiple companies such as Levelset (for $500 Million), a platform that helps contractors get paid faster and more efficiently. It also acquired LaborChart and IndusAI for an udisclosed amount in the same year.

News and Press Releases

• June 5, 2023: JPMorgan Chase & Co. Buys 1,525,039 Shares of Procore Technologies, Inc. (Read)


• March 3, 2023: Procore Announces First Quarter 2023 Financial Results (Read)


• Feb 16, 2023: Procore Announces Fourth Quarter and Full Year 2022 Financial Results (Read)


• MAY 19, 2021: Procore Announces Pricing of Initial Public Offering (Read)

Competitors

Autodesk Construction Cloud

Autodesk is a global leader in design and engineering software. The company’s construction management software, PlanGrid, is a popular alternative to Procore. With a comprehensive suite of features including document management, project management, and field collaboration tools, Autodesk poses a significant challenge to Procore’s market dominance.

Bluebeam Revu

Bluebeam Software is a construction productivity solution that focuses on digital collaboration and document management. Its solutions empower construction teams to streamline workflows, markup and annotate drawings, and track project progress. In 2022, Bluebeam Software, Inc. revenue run rate hit $40.7M in revenue.

Fieldwire

Fieldwire is a construction management software platform that emphasizes task management, plan viewing, and issue tracking. It has gained traction in the industry, with over 1,000,000 projects.

Corporate Responsibility

Procore is deeply committed to corporate responsibility and is actively engaged in various initiatives that contribute to a sustainable future. The company’s inaugural Environmental, Social, and Governance (ESG) Report provides comprehensive insights into its efforts and achievements in key areas of corporate responsibility.

The company understands the significance of environmental stewardship and takes concrete actions to minimize its ecological footprint. The company has implemented sustainable practices throughout its operations, including the construction of energy-efficient offices and the use of renewable energy sources. By promoting eco-friendly construction practices, Procore helps its customers reduce waste, conserve resources, and mitigate environmental impact.

It is dedicated to fostering a diverse, inclusive, and safe work environment for its employees. The company actively promotes diversity and gender equality within its workforce and ensures equal opportunities for career growth and advancement. Procore also invests in employee well-being programs, including health and wellness initiatives, to support the physical and mental health of its workforce.

Procore’s commitment to social responsibility extends beyond its internal operations. The company actively engages with local communities through philanthropic initiatives, volunteer programs, and partnerships with nonprofit organizations. The company also supports educational initiatives by providing resources and mentorship opportunities to students interested in pursuing careers in the construction industry. Partnering with 107 new organizations to donate Procore products and donating $250,000 to our Historically Black Colleges and Universities Scholarship Fund in partnership with the Association of General Contractors of America, in 2021.

Investment in Sustainable Future: Procore recognizes the importance of investing in a sustainable future for the construction industry. Through Procore.org, the company offers scholarships, grants, and learning resources to support skill development and promote sustainable practices in the industry. Procore has partnered with educational institutions, vocational training programs, and industry organizations to expand access to quality education and advance sustainability in construction.

Procore’s inaugural ESG Report highlights the company’s commitment to corporate responsibility and showcases its tangible actions toward building a sustainable future. By integrating sustainable practices, promoting diversity and inclusion, supporting local communities, and investing in education, Procore actively contributes to positive social, environmental, and economic outcomes.

Procore’s Global Community

Since its founding, Procore has remained committed to its vision of improving the lives of everyone in construction. At its core, their vision is founded on inclusion, with the commitment to every person in the industry—regardless of race, gender, background, or beliefs—to enable them to do their best work.

Inclusion and diversity have long been ingrained into the cultural fabric of Procore. And in the past year, they have strengthened their internal inclusion and diversity efforts by adding even more resources and programming for their employees. They have also looked at what they can do to provide resources and support to the industry as a whole.

Procore recognizes that there is still much work to do in both the technology and construction industries. It’s why Procore is actively working to cultivate an inclusive culture that drives diversity. In order to make a lasting and systemic impact, they must continue to listen, learn, and keep the conversation going.

Building up the industry that builds the world.

According to data from 2018, the construction industry is not representative of the increasing diversity seen in the communities they live and build in. Research shows that a diverse workforce, where employees feel included and believe their company is committed to diversity, can provide an 83% increase in the ability to innovate. By increasing diversity, construction companies can increase their competitiveness and ability to innovate for the communities they build.