As of late a number of construction software providers have been announcing funding to further develop business. Now, yet another company has secured additional funding to accelerate growth.
Construction management software provider Procore Technologies, www.procore.com, Carpinteria, Calif., announced it has closed $30 million in growth funding from ICONIQ Capital, www.iconiqcapital.com, along with the participation of existing investor Bessemer Venture Partners, www.bvp.com, Menlo Park, Calif.
The funding, says Procore, will be used to further accelerate its exponential growth and solidify the company’s position as the de facto platform for cloud-based Web and mobile construction software. Procore enables construction professionals to collaborate on projects from any Internet-connected device, with access to all project documents, contracts, RFIs (requests for information), submittals, schedules, and drawings via the cloud.
ICONIQ Capital is a global multi-family office and merchant bank for a group of influential families that has invested in high growth technology and software companies. Bessemer Venture Partners invests in early-stage, hyper-growth startups, partnering closely with entrepreneurs to build durable businesses.
“Since our initial investment in Procore, the company’s performance has far exceeded our expectations,” says Brian Feinstein, partner at Bessemer Venture Partners. “During the past year the Procore team has executed on its product roadmap, grown its mobile app adoption, and secured some of the largest construction contractors and facility owners in the world.”
In the past year, reports Procore, the company has doubled its user base and employee headcount.
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