Procore Technologies Raises $4 Million in Series B Financing
1/25/07 - Santa Barbara-based Procore Technologies, provider of the Procore software-as-a-service (SaaS) online tool for construction project management, announced this week that the company has successfully closed its Series B Preferred financing with $4 million in new investment capital. The investment round was led by venture firm Great Pacific Capital.
“We are extremely pleased with the additional financing we have secured through Great Pacific Capital and other private investors,” said Tooey Courtemanche, Procore CEO. “We’re immediately putting these funds to work in order to accelerate our sales and marketing efforts in 2007.”
The company estimates that the construction project management industry is a $4 billion national market, and says that it has only recently begun to integrate Internet-based applications into its day-to-day processes. Procore is designed to use the Internet to consolidate the communication and scheduling needs of contractors, architects and other project team members in one, easy-to-use interface.
Procore, founded in 2002, currently claims more than 2,500 active users and more than 60 accounts. The company says that clients are located throughout the United States and include both residential and commercial contractors. With the proceeds from this second round of financing, Procore is looking to dramatically increase the size of its client base.
“Procore has grown largely through word-of-mouth and customer referrals over the past two years,” said Steve Zahm, Procore president. “These new investment funds will allow us to scale up our advertising and have a significant presence at industry events and trade shows. Procore has a great product, and now we’ll be able to let our potential customers know what we have to offer.”
Procore - www.procore.com
Great Pacific Capital - www.greatpactificcapital.com
