Construction procurement platform, ProcurePro has secured US$11m in a funding round led by QIC Ventures, one of Australia’s largest sovereign wealth funds.
The round values the company at more than US$80m. Existing venture investors Airtree and Glitch Capital participated, together with global construction giants Bouygues (via its VC fund managed by ISAI).
The funding will be used to accelerate ProcurePro’s construction-focused AI product suite, whilst supporting expansion across the United Kingdom, the Middle East and North America.
Construction is a US$13 trillion global industry, and one of the least profitable, operating on slim margins of just one to four per cent. Commercial outcomes are determined long before a project breaks ground. At the procurement stage, 80% of costs are already committed, and supply chain risk is locked in. Yet across the industry, this process is still managed through fragmented spreadsheets, email chains, and disconnected documents.
ProcurePro built the first construction-specific procurement platform to change that. Its platform is said to bring the full procurement lifecycle into one system – from scheduling and tendering through to bid analysis and subcontracting, giving contractors control, visibility, and certainty before contracts are signed.
Over the past six years, ProcurePro says its platform has been deployed across 6,000 construction projects globally, worth more than US$90bn in construction value. The platform has processed more than 200,000 trade packages, creating a uniquely deep dataset of real-world procurement activity, pricing and supply chain behaviour.
That dataset now underpins ProcurePro’s AI product roadmap, including BidLevel AI, the company’s flagship intelligence tool for comparing complex subcontractor quotes. A process that traditionally takes commercial teams days, and sometimes weeks, can now be completed in minutes.
Alastair Blenkin, founder and chief executive of ProcurePro, said the raise marks the next stage of the company’s global growth.
“Construction firms are still managing their most critical commercial decisions and millions in spend via out-of-date and untrustworthy spreadsheets,” he said. “The lack of true oversight delays risk identification which ultimately erodes margins. We built ProcurePro to bring structure, control and certainty to the commercial cockpit of construction firms.
What makes this even more powerful is the data. After years of supporting procurement across thousands of projects, we now have a rich foundation of real-world procurement data. This funding allows us to invest further in AI, where we’ll enable construction firms to estimate new project costs backed by their historical purchasing data, rather than someone’s estimate, memory, or a finger in the wind.”
Nick Capell, QIC Ventures’ investment director said ProcurePro represents a compelling opportunity to back a category-defining platform at a critical control point within construction.
“Procurement sits upstream of construction spend yet remains highly manual and weakly governed. It’s a globally relevant problem that remains unsolved. With Queensland delivering a once-in-a-generation infrastructure programme ahead of the 2032 Olympics, innovations that improve construction productivity are critical,” Capell said.
Marie-Luce Godinot, Bouygues Group’s senior vice-president, innovation, sustainability and IT added: ” ProcurePro is one of the first technologies we have seen that brings greater control to the full procurement journey for contractors. It has been deployed successfully on some Bouygues projects, with usage progressively developing across several business units”
Image credit: SFIO CRACHO/Shutterstock
Read next: Italian firm’s new UK HQ comes with sustainability built in
Are you a building professional? Sign up for a FREE MEMBERSHIP to upload news stories, post job vacancies, and connect with colleagues on our secure social feed.
