Procore
Procore Technologies, Inc. is an American multinational construction technology company that develops and provides cloud-based software solutions for managing construction projects, focusing on improving efficiency, safety, and collaboration across the industry.[1] Founded in 2002 by Craig "Tooey" Courtemanche in Carpinteria, California—where it remains headquartered—the company has grown to serve more than 17,000 customers and over 2 million annual users, enabling the management of over 3 million projects in more than 150 countries.[2] As of November 2025, Procore employs more than 4,200 people worldwide and is publicly traded on the New York Stock Exchange under the ticker symbol PCOR.[2][1] The company's platform offers an all-in-one suite of tools designed specifically for the construction sector, including features for project management, financials, quality and safety tracking, and resource allocation, all integrated with artificial intelligence and data analytics to streamline workflows and reduce risks.[3] Procore's software connects office and field teams through a unified system, supporting functionalities like real-time document sharing, budgeting, scheduling, and reporting, with over 500 integrations available via its App Marketplace to enhance interoperability with other industry tools.[2] Recent innovations include AI-driven capabilities such as the Agent Builder and Assist, which automate tasks and provide predictive insights to boost productivity and sustainability in construction operations.[4] Procore's mission is to connect everyone in the construction industry on a global platform, ultimately improving the lives of those who build the world by addressing longstanding challenges like fragmented communication and data silos.[5] Under the leadership of its founder Craig Courtemanche, who served as CEO until November 2025, the company achieved significant milestones, including recognition as one of the 2024 Fortune Future 50 companies and top rankings in G2's 2025 Best Global Software Awards.[2][6] In September 2025, Procore appointed Ajei Gopal, former president and CEO of Ansys, Inc., a company that develops engineering simulation software, as its new CEO effective November 10, 2025, marking the first leadership transition in over two decades as the firm continues to expand amid digital transformation in construction.[6][7][8]History
Founding and early development
Procore Technologies was founded in 2002 by Craig "Tooey" Courtemanche in Carpinteria, California, driven by his firsthand experiences with the inefficiencies of construction project management. Having worked as a carpenter and real estate developer, Courtemanche encountered significant challenges while building his own home, including fragmented communication, reliance on paper-based documentation, and delays caused by manual processes. These frustrations motivated him to create a solution that would streamline operations in an industry long resistant to technological adoption.[9][10] The company's initial focus was on developing web-based project management software designed to digitize and centralize the paper-heavy workflows prevalent in construction. Procore's early product emphasized tools for document management, task tracking, and team collaboration, aiming to replace physical blueprints, logs, and reports with accessible online platforms. Headquartered in Carpinteria, a coastal community in Southern California, the startup began with a small team of engineers and construction enthusiasts recruited locally to build and test the software against real-world needs. This bootstrapped approach allowed for iterative development but highlighted the industry's skepticism toward digital tools at the time.[11][12] The early years were marked by significant growth struggles, as Procore navigated slow adoption in a conservative sector dominated by traditional methods. Revenue ramped up gradually, reaching just $4.8 million by 2012 after a decade of operation, reflecting the challenges of convincing contractors to shift from established practices. However, the rise of mobile technology around this period proved pivotal, enabling Procore to launch mobile apps that allowed field workers to access project data in real-time, which accelerated user engagement and laid the groundwork for broader expansion.[13][14]Growth, funding, and IPO
Following the advent of mobile technology in the construction sector around 2013, Procore experienced rapid scaling, transitioning from niche adoption to widespread use across global projects. The platform's mobile-first approach enabled real-time collaboration on job sites, driving user growth from approximately 500,000 in 2013 to over 1 million by late 2015, more than doubling the user base in that year alone. By 2021, Procore served more than 1.6 million users on over 1 million active projects in 150 countries, reflecting its penetration into international markets and diverse construction segments like commercial, residential, and infrastructure.[9][15][16] To support this expansion, Procore secured nearly $500 million in venture funding across multiple rounds from 2007 to 2021. Bessemer Venture Partners provided early institutional backing with a $16.2 million Series C investment in 2014, which catalyzed product enhancements and market penetration. Subsequent major rounds included a $30 million Series D in 2015 led by ICONIQ Capital, a $75 million Series H in 2018 led by Tiger Global Management that valued the company at $3 billion, and a $150 million extension in 2020 involving Dragoneer Investment Group and Lead Edge Capital. These investments, totaling over $400 million in late-stage funding alone, enabled R&D, sales team growth, and platform scalability.[17][9][18][19] Procore's preparation for public markets culminated in its initial public offering on May 20, 2021, on the New York Stock Exchange under the ticker symbol PCOR. The IPO raised $634 million through the sale of 23.3 million shares at $67 each, achieving an implied valuation of $8.3 billion and marking one of the largest software debuts that year. This transition provided capital for further innovation and global reach while rewarding early investors like Bessemer and ICONIQ.[20][16] Amid this financial momentum, Procore invested in physical infrastructure to accommodate its workforce, which grew from around 200 employees in 2013 to over 2,000 by 2021. In 2014, the company relocated and expanded its headquarters to a 30,000-square-foot facility in Carpinteria, California, consolidating operations from smaller Santa Barbara sites. International expansion followed, with the opening of its first office outside the U.S. in Vancouver, Canada, in 2017, followed by additional outposts in London (2018) and Sydney (2019) to better serve EMEA and APAC regions.[21][22]Recent developments and leadership changes
Following its 2021 initial public offering, Procore Technologies experienced sustained financial growth, with full-year 2024 revenue reaching $1.152 billion, a 21% increase year-over-year driven by expanded customer adoption and international revenue contributions.[23] In the third quarter of 2025, the company reported revenue of $339 million, reflecting 15% year-over-year growth, alongside a non-GAAP operating margin of 17% and free cash flow of $68 million.[24] A pivotal event in 2025 was the Procore Innovation Summit held in June, where the company unveiled Procore Helix, an AI intelligence layer designed to enhance connected workflows, alongside advancements in a comprehensive portfolio management solution for owner-developers to improve project oversight and control.[25] Building on this, at the October Groundbreak 2025 conference, Procore introduced further AI-driven tools, including expanded features for Procore Assist such as Photo AI for automated image analysis and multilingual support, as well as the open beta release of Procore Agent for predictive insights.[26] In terms of leadership, founder and longtime CEO Craig "Tooey" Courtemanche announced a succession plan in March 2025, transitioning from day-to-day operations to Executive Chairman upon the appointment of a successor.[27] On September 22, 2025, Procore named Ajei Gopal, former CEO of Anandamide and veteran executive from Hewlett-Packard Enterprise, as the new CEO effective November 10, 2025, marking the first leadership change at the executive level in over two decades.[28] Procore continued its global expansion in 2025, serving customers across more than 150 countries with international revenue growing 14% year-over-year in the third quarter despite currency headwinds.[24] The platform has now enabled over 3 million projects worldwide, surpassing $1 trillion in annual construction volume managed, underscoring its scale in supporting diverse markets including data centers and infrastructure in regions like EMEA and APAC.[4][29]Products and services
Core platform overview
Procore is a cloud-based construction management platform designed to connect owners, general contractors, and subcontractors throughout the entire project lifecycle, from preconstruction planning to closeout and operations.[3] As a central collaboration hub, it enables real-time communication, document sharing, and workflow automation to streamline processes and reduce inefficiencies in the construction industry.[3] The platform supports over 3 million projects worldwide across more than 150 countries, fostering unified access for all stakeholders to enhance project visibility and decision-making.[4] Delivered as a software-as-a-service (SaaS) solution, Procore provides unlimited storage, users, training, and support, eliminating the need for on-premises infrastructure.[3] Key features include version tracking for documents and changes, customizable folder structures, and built-in traceability to maintain audit trails and accountability across teams.[3] This model ensures scalability and accessibility from any device, with robust security and compliance features tailored to the construction sector.[30] The platform primarily targets commercial, residential, and infrastructure construction industries, serving a global user base of over 2 million professionals.[3] Its flexible pricing structure allows companies to select modules based on specific needs, such as Project Management for scheduling and coordination, Financials for budgeting and invoicing, or Field Productivity for on-site tools, enabling cost-effective customization without mandatory full-suite adoption.[3]Key modules and features
Procore's platform encompasses a suite of interconnected modules designed to streamline construction workflows, from preconstruction planning to project delivery. These modules emphasize core capabilities in project execution, enabling teams to manage tasks efficiently while maintaining oversight across financial, quality, and safety aspects. By integrating these tools, Procore facilitates seamless data flow, reducing silos between office and field operations.[31] The Project Management module provides essential tools for scheduling, document management, and collaboration, centralizing project information to enhance visibility and efficiency. Scheduling features offer project overviews that track milestones, speed up approvals, and identify potential delays, helping general contractors save an average of 15 days per project according to a 2022 survey. Document management centralizes files with unlimited storage, secure access, version control, and quick sharing, including direct viewing of DWG files, which 90% of users report improves communication. Collaboration tools support mobile capture of correspondence, daily task assignments, and RFI distribution, distributing RFIs 8 days faster on average per the same survey.[32][32][33] Financials module focuses on budgeting, invoicing, and change order tracking to ensure fiscal control throughout the project lifecycle. Budgeting tools leverage field data to track risks, forecast costs, and generate reports, syncing with accounting systems for confident decision-making. Invoicing enables collaborative management for accuracy and faster payments, minimizing communication delays. Change order tracking documents scope changes' financial impacts directly from the jobsite, allowing mobile access to cost data to recoup additional expenses and protect profits.[34] Quality & Safety module equips teams with features for inspections, incident reporting, and compliance to uphold standards and mitigate risks. Inspections use mobile checklists with customizable templates to create observations and follow-ups for issues, providing real-time visibility into progress. Incident reporting captures details on incidents, near misses, and illnesses to analyze patterns and inform safety programs, enhancing root-cause insights and prevention. Compliance tools centralize standards with verification checkpoints and sequential work tracking, promoting accountability and standardization across teams.[35] Additional modules support preconstruction and specialized needs. Bid Management simplifies bidding by distributing documents, collecting submissions, and tracking coverage in one place, incorporating bid templates, forms, leveling, and integration with the Procore Construction Network for efficient evaluation. Estimating enables accurate cost projections through auto-count takeoffs, plan overlays, and expansive trade catalogs, with takeoff data flowing directly into estimates for seamless planning. Prequalification streamlines vendor assessment by collecting data on financial health, safety records, and experience via customizable forms, aiding risk reduction and informed partner selection. BIM (Building Information Modeling) allows publishing, viewing, and collaboration on 3D models with Autodesk integrations like Revit and Navisworks, offering mobile-friendly navigation, measurements, and observations to reduce installation errors. Accounting Integrations synchronize financial data such as budgets, contracts, change orders, and invoices with ERP systems like Sage 300 CRE and Viewpoint Spectrum, ensuring instant updates and eliminating manual entry.[36][37][38] These modules deliver user benefits through real-time data sharing across stakeholders and mobile accessibility for field teams, enabling on-site updates and decision-making without connectivity barriers.[32][30]Innovations and integrations
In 2025, Procore introduced several key innovations to enhance its construction management platform, focusing on AI-driven automation and connectivity. The Procore Agent Builder, launched in open beta at the Groundbreak 2025 event, enables users to create custom AI agents without coding expertise, automating repetitive tasks and tailoring workflows to specific job requirements.[26] Complementing this, the Helix platform serves as an AI-powered intelligence layer that integrates project data to deliver real-time insights and foster connected construction ecosystems.[39] Procore Assist enhancements announced at Groundbreak 2025 include Photo AI for summarizing progress and safety issues from photos, along with multilingual support for Spanish and Polish to improve accessibility.[26] Additionally, Procore announced upcoming launches for early 2026, including Job Hazard Analysis and Qualification Management tools designed to identify potential hazards and verify worker qualifications proactively.[40] Procore's AI advancements emphasize risk management and predictive analytics, leveraging machine learning to anticipate disruptions before they escalate. Through Helix, the platform analyzes historical and real-time data to predict issues such as budget overruns or safety risks, providing actionable recommendations that reduce project delays and costs.[41] For instance, AI integrations in financial modules forecast over-spend risks at the line-item level, enabling teams to adjust strategies dynamically and improve overall project outcomes.[42] The platform's ecosystem expands through robust integrations with third-party tools, streamlining data flow across construction workflows. Procore connects seamlessly with accounting software like QuickBooks Online and Desktop, synchronizing financial data such as invoices and budgets to eliminate manual entry errors and ensure compliance.[43] Post-acquisition enhancements, including the May 2025 acquisitions of Novorender and FlyPaper, have bolstered Building Information Modeling (BIM) capabilities, allowing for improved integration of 3D models and virtual design data directly into project management processes via partners like Assemble.[44][45] For owners managing multiple projects, Procore's Portfolio Management solution provides a centralized dashboard for oversight and strategic planning. This tool aggregates data across portfolios to track asset performance, compare bids, and forecast capital expenditures, empowering organizations to align projects with broader financial goals and mitigate enterprise-level risks.[46] By offering portfolio-level visibility, it supports data-driven decisions that enhance efficiency and profitability across an entire construction portfolio.[47]Business development
Investors and funding rounds
Procore Technologies raised nearly $500 million in venture capital funding prior to its initial public offering (IPO) in June 2021, across multiple rounds spanning from 2007 to 2020.[48] The company's funding journey began with a Series B round of $4 million in January 2007, led by Great Pacific Capital, followed by subsequent rounds including a $16.2 million Series C in November 2014 led by Bessemer Venture Partners.[18] Later stages saw significant investments, such as a $30 million Series D in April 2015 led by ICONIQ Capital, a $75 million Series H in December 2018 led by Tiger Global Management, and a $150 million Series I in April 2020.[49] These rounds supported the company's expansion in cloud-based construction management software, with valuations reaching $5 billion by the final pre-IPO raise.[50] Key investors in Procore's funding rounds included Bessemer Venture Partners, which led early-stage investments; ICONIQ Capital; Tiger Global Management; Dragoneer Investment Group; Lead Edge Capital; and Persistence Partners, among others such as D1 Capital Partners and Lumia Capital.[48][50] These venture firms provided not only capital but also strategic guidance, contributing to Procore's growth from a startup to a unicorn valued at over $1 billion by 2016.[51] Following its IPO on the New York Stock Exchange under the ticker PCOR, which raised $337.5 million, Procore has maintained active investor relations through quarterly disclosures.[49] In its third quarter 2025 earnings report, released on November 5, 2025, the company reported revenue of $339 million, representing a 15% year-over-year increase, alongside a GAAP gross margin of 80% and sustained customer growth, underscoring ongoing financial momentum.[52] On November 3, 2025, Procore's Board of Directors authorized a new stock repurchase program to repurchase up to $300 million of the company's common stock.[24] The company guided for full-year 2025 revenue of approximately $1.314 billion.[53] Post-IPO, Procore's equity structure reflects a widely distributed ownership base, with approximately 150 million shares of common stock outstanding as of mid-2025.[54] Institutional investors hold over 95% of the shares, including major holders such as BlackRock (4.20%), ICONIQ Strategic Partners (3.94%), and Wasatch Advisors (3.11%), while founder Tooey Courtemanche retains about 3.44%.[55][56] This structure highlights the continued influence of early backers alongside broad market participation.[57]Acquisitions and expansions
Procore has pursued a strategy of growth through strategic acquisitions to enhance its construction management platform, focusing on capabilities in project management, workforce optimization, field tools, BIM visualization, and analytics. Key acquisitions include Honest Buildings in July 2019, which specialized in project management software for building owners and accelerated Procore's efforts to connect stakeholders across the construction lifecycle.[58] In October 2021, Procore acquired LaborChart, a provider of workforce management solutions for specialty contractors, enabling better scheduling, compliance, and labor tracking integration.[59] Similarly, the October 2020 acquisition of Esticom, a cloud-based estimating and takeoff tool, bolstered field-level productivity by streamlining preconstruction processes for contractors.[60] Additionally, on May 6, 2021, Procore acquired indus.ai, an AI-powered construction analytics firm focused on computer vision for safety and productivity, enhancing site monitoring and risk management.[61] In 2025, Procore accelerated its focus on advanced technologies with two significant deals announced on May 20. The acquisition of Novorender, a Norwegian firm known for high-performance 3D BIM visualization, was completed for approximately $50.5 million (NOK 564 million), enhancing real-time rendering of large-scale models to improve collaboration and decision-making.[62] Complementing this, the purchase of Flypaper Technologies added AI-driven analytics tools, including clash detection via the Sherlock Navisworks plugin, to automate risk identification and data insights in BIM workflows.[44] These 2025 acquisitions, integrated into Procore's core platform, have strengthened BIM, AI, and data analytics features, broadening the platform's scope for global project delivery and reducing on-site errors.[63]| Acquisition | Date | Focus Area | Strategic Impact |
|---|---|---|---|
| Honest Buildings | July 2019 | Project management for owners | Improved owner-contractor collaboration and global platform connectivity.[64] |
| Esticom | October 2020 | Field estimating and takeoff tools | Enhanced preconstruction accuracy and field productivity.[60] |
| indus.ai | May 2021 | AI analytics and computer vision | Improved construction site safety and productivity insights.[61] |
| LaborChart | October 2021 | Workforce management | Optimized labor scheduling and compliance tracking.[65] |
| Novorender | May 2025 | BIM visualization ($50.5M) | Enabled faster 3D model streaming and visualization for large projects.[66] |
| Flypaper Technologies | May 2025 | Analytics and clash detection | Added AI-powered risk analysis to BIM processes.[67] |