The fresh funding takes the total amount raised by the firm to $340 million where other investors include Dragoneer Investment Group, ICONIQ Capital and Bessemer Venture Partners. The current investment round values the firm to $3 billion. The company plans to use the latest financing in supporting their product development, partner platform expansion. It also wants to continue their hiring spree to get top talents onboard.
Started in 2002 by Tooey Courtemanche started raising capital only a few years ago. It claims to have more than 1,300 employees in their 12 offices across the globe. It says that it has more than 5,000 projects who hail from over 100 countries. Notably, as per review website Glassdoor, Procore was named fourth best place to work in the United States.
Courtemanche the founder and CEO, talking about Procore's plans in the construction industry said, "At Procore we're committed to delivering products and solutions that improve the lives of everyone in the construction industry, so we will continue to invest in the core areas of our business that have direct positive impact for our users.
“We believe business drives culture, and culture drives business. This investment round will allow us to advance product innovation, expand on the largest partner and developer ecosystem in construction technology, and continue to hire and develop the best talent to support our mission and vision,” he said talking about the plans of utilizing the fresh capital.
Image Courtesy : brickmortar VC, Forbes