© 2020 Crunchbase, Inc. All Rights Reserved. Procore Technologies Inc., a construction software company that filed in February for a U.S. initial public offering, postponed those plans and instead completed a private funding round, according to people familiar with the matter. Detailed statistics for Procore Technologies (PCOR) stock, including valuation metrics, financial numbers, share information and more. Last September, we reported that an IPO could value 17-year-old Procore at more than $4 billion, according to Bloomberg, which cited “people with knowledge of the matter.” In December, we covered how the company had tripled its valuation to nearly $3 billion after raising a $75 million Series H from Tiger Global Management. In its S-1, Procore shed more light on its financials. … Procore General Information Description. An IPO valuation is the process by which an analyst determines the fair value of a company's shares. 5. One Medical IPO prices at $14 per share. The World’s CFOs Have a Dire Message for Real-Estate Investors, World’s Richest Banker Made $16 Billion After a Brush With Death, U.S. Blacklists More Than 60 Chinese Firms, Including SMIC, Stocks Drop From Records With Congress in Talks: Markets Wrap, Czech Startup Founders Turn Billionaires Without VC Help. With IPO on shelf, Carpinteria’s Procore trims staff. Construction software company raised more than $150 million, It had filed for U.S. initial public offering in February. Specifically, the company’s revenue surged 55 percent in 2019 to $289.2 million compared with $186.4 million in 2018. Those largely unscathed by the pandemic may look at listing early in the third quarter, Nasdaq Inc. Chief Executive Officer Adena Friedman said in a Bloomberg TV interview last week. It also has more than 1.3 million users. In April, Procore raised more than $150 million at a valuation of about $5 billion and postponed its IPO, Bloomberg News reported. Procore saw its annual recurring revenue surge from under $10 million in 2014 to over $250 million last August. Meanwhile, customer count nearly doubled from 4,310 at the end of 2017 to 8,506 at the end of 2019. Procore Technologies has opted to postpone plans to hold an initial public offering (IPO) in preference of raising more than USD 150.00 million in a private financing round that gives a post-money valuation of USD 5.00 billion, Bloomberg reported. View Procore Technologies stock / share price, financials, funding rounds, investors and more at Craft. Followers 2. Procore Technologies Inc., a construction software company that filed in February for a U.S. initial public offering, postponed those plans and instead completed a private funding round, according to people familiar with the matter. Per usual, the $100M figure is a placeholder and is likely to rise significantly by the time the company prices their IPO. In late February, I covered how Procore had filed an S-1 with the U.S. Securities and Exchange Commission. Since it was founded in 2003, Procore has raised just over $300 million in funding, according to Crunchbase data. Procore Technologies, the leading cloud-based construction management software provider, filed for a $100M IPO. But presumably in light of the unexpected economic downturn that has resulted from the COVID-19 crisis, the Southern California-based company has had a change of heart. Procore Reportedly Pulls IPO, Raises $150M At $5B Valuation Instead Procore Technologies Inc., a construction software company that filed in February for a U.S. initial public offering, postponed those plans and instead completed a private funding round, according to people familiar with the matter. In 2019, revenues were US$289.2 million , up from US$186.4 million in 2018 and US$112.3 million in 2017; the company recorded net losses for all three years: US$55.5 million in 2017; US$56.7 million in 2018; and US$83.1 million in 2019. Construction management software provider Procore Technologies has put off its plans to go public in favor of raising more funding, sources close to the matter say. Crunchbase News' top picks of the news to stay current in the VC and startup world. Procore’s investors include Iconiq Strategic Partners and Bessemer Venture Partners, among other backers. Procore was founded on January 17, 2002, with headquarters in Carpinteria, California. See here and here. Procore to Postpone IPO, Raise Funds at $5 Billion Value. Notably, it admitted “to a history of losses,” and that it “may not be able to achieve or sustain profitability in the future.” It also acknowledged that its business may be “significantly impacted” by changes in the “related reductions in spend across the construction industry.” No doubt that a downturn resulting in a slowdown in development would be harmful to Procore’s business. At the same time, its net loss was up by 46.5 percent to $83.1 million in 2019 compared to $56.7 million in 2018. It is, however, an industry that is growing both in terms of the number of companies receiving funding in the space and in terms of more mainstream investor interest. Procore CEO Craig “Tooey” Courtemanche Jr. (Credit: Boardroom Insiders, iStock) Construction tech startup Procore plans to go public, a move that could reportedly push the company’s value north of $4 billion. Already there are some very good S-1 “teardowns” available on this vertical SaaS platform. It revealed both increased revenue and net loss in 2019. Procore posted a net loss of $83 million on revenue of $289 million in 2019, according to its filing Friday with the U.S. Securities and Exchange Commission. The report is based on unnamed sources who told Bloomberg that the IPO plan isn't finalized yet and that Procore is on track to bring in $400 million in revenue this year. Also, Procore revealed it had an accumulated deficit of $300.8 million at the end of last year. New investors in the round include D1 Capital Partners, the investment firm run by Dan Sundheim, they said. It’s also seeing more exits, although now we may be seeing less IPOs and more M&As. US industry watchers (eg: Bloomberg, ConstructionDive) suggest the IPO has been shelved until better economic times return. Bertha Coombs @BerthaCoombs. Published Thu, Jan 30 2020 9:09 PM EST Updated Fri, Jan 31 2020 8:52 AM EST. Procore could still go public this year if markets stabilize, the people said. As of August 2019, it had more than 1,800 employees, up 600 compared to a year ago, across 13 offices globally. (Bloomberg) -- Procore Technologies Inc., a construction software startup that filed to go public this year, has cut about 180 jobs, according to a person familiar with the matter. The IPO could value the company, according to Bloomberg News, at US$4 billion. Procore, a construction management software company based in Carpinteria, California, filed an S-1 with the U.S. Securities and Exchange Commission late Friday. In February 2020, Procore filed to go public, but the company subsequently delayed its IPO plans due to COVID-19. Overall, the cohort is hanging in there, still raising investments and renting scooters. Back in September, Bloomberg News reported that Procore had tapped Goldman Sachs Group to lead its expected IPO, which could value the company at more than $4 … By Ndlz, May 11 in Shares and ETFs. Crunchbase. In April, Procore raised more than $150 million at a valuation of about $5 billion and postponed its IPO, Bloomberg News reported. The company outlined its plans, which we previewed here, last September for an initial public offering of its common stock. The coronavirus turmoil is forcing companies that had been considering going public to evaluate alternative ways to raise funds. Procore to Postpone IPO, Raise Funds at $5 Billion Value. Procore IPO subscription. It filed in February for an IPO, disclosing a net loss of $83 million on revenue of $289 million in 2019. Representatives for Procore and D1 Capital declined to comment. A representative for Procore declined to comment on the planned IPO. According to documents filed … When Procore looked at going public in September, reports valued the company at $3 billion. New investors in the round include D1 Capital Partners, the investment firm run by Dan Sundheim, according to Bloomberg, which also reported that “Procore could still go public this year if markets stabilize.”. Internet, Wi-Fi and mobile devices are more accessible, allowing the construction industry to use more technology. Southern California-based Procore is reportedly working with Goldman Sachs Group to lead an IPO, which could value the seventeen-year-old company at more than $4 billion, according to Bloomberg, which cited “people with knowledge of the matter.” Procore enables collaboration and workflows through the entire construction value chain across owners, general contractors, specialty contractors, architects, and engineers. The IPO filing gives a lot of background about Procore’s finances. Bloomberg first reported on the news yesterday, which I confirmed with people who have firsthand knowledge of the decision this morning. Crunchbase. A Case Study of Early-Stage Funding. Procore’s revenue … Procore, which operates as a SaaS company, has seen impressive growth in recent years. Procore Technologies valuation is $5 b, and annual revenue was $289 m in Y 2019. The latest coronavirus casualty is construction startup Procore, which has shelved its recent plans for an initial public offering. 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Procore filed its S-1 to go public last Friday. Before it's here, it's on the Bloomberg Terminal. Crunchbase is the leading destination for millions of users to discover industry trends, investments, and news about global companies–from startups to the Fortune 1000. In recent years, Procore has seen consistent growth in customers. Procore started as a collaborative project management platform and added additional functionality from there. And with that growth comes revenue. Unity is reportedly planning a 2020 IPO, ... High hopes for Unity are reflected in its high valuation: $6 billion as of July 2019. By Marissa Nall / Monday, August 10th, ... That’s causing contractors, specialists, engineers, “everyone across the construction value chain to adopt more technology,” he said. Instead, Procore continued with further capital raising based on a company valuation of $5 billion, closing a US$160m round in mid-2020, while also quietly shedding some jobs. Construction management software provider Procore Technologies has put off its plans to go public in favor of raising more It raised more than $150 million at a valuation of about $5 billion, the people said, asking not to be identified because the matter isn’t public. Other previous backers include Bessemer Venture Partners  and Lumia Capital. Have a confidential tip for our reporters? That was up from a $1 billion valuation just two years prior when Procore raised $50 million in a Series G round from ICONIQ Capital. Procore Technologies, which provides cloud-based construction management and collaboration software, filed on Friday with the SEC to raise up … Reply to this topic; Recommended Posts. In … Procore IPO subscription Sign in to follow this . It raised more than $150 million at a valuation of about $5 billion, the people said, asking not to be identified because the matter isn’t public. Its 2019 revenue rose about 55% from the previous year. A timeline for the IPO has not yet been disclosed. Procore Technologies has raised $499 m in total funding. As we’ve reported extensively, construction tech is one of those spaces that has not been considered traditionally sexy. As its customers subscribe to additional products, or increase the annual construction volume contracted to run on Procore’s platform, the company generates more revenue. Now Procore looks to push that value to $4 billion with its IPO. Two identical companies may have very different IPO valuations … Like other SaaS operators, Procore sells its products on a subscription basis for a fixed fee with pricing generally based on the number and mix of products and the annual construction volume contracted to run on its platform. The company, known for being a social platform to buy and sell fashion and accessories, confidentially filed to go public in September. by Robert Solomon | Mar 3, 2020 | B2B Software, Construction. People familiar with the decision said that Procore has closed on more than $150 million in funding at a valuation of about $5 billion. Developer of a cloud-based construction management platform designed to manage construction and real-estate projects. Procore, a Construction SaaS Vendor, Files for IPO. It filed in February for an IPO, disclosing a … Last September, we reported that an IPO could value 17-year-old Procore at more than $4 billion, according to Bloomberg, which cited “people with knowledge of the matter.” In December, we covered how the company had tripled its valuation to nearly $3 billion after raising a $75 million Series H from Tiger Global Management . Procore first filed initial paperwork for the IPO in February, then opted for a round of private funding, raising above $150 million at a valuation of $5 billion, according to Bloomberg. Its revenue for that year rose about 55% from 2018, according to its filing with the U.S. Securities and Exchange Commission. 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