Brisbane building procurement startup ProcurePro raises US$11 million led by Queensland government-backed QIC Ventures, with French building large Bouygues — already a buyer — becoming a member of the cap desk.
The spherical values the six-year-old firm at greater than US$80 million and drew current backers AirTree and Glitch Capital alongside Bouygues, which invested by way of a enterprise automobile managed by Paris-based VC ISAI.
ProcurePro plans to rent 100 folks over the following 24 months throughout product, engineering and go-to-market.
It’s going to additionally look to face up its first US workplace whereas scaling its current places of work in Brisbane, London and Dubai.
The corporate says it has now been deployed throughout greater than 6,000 initiatives globally.
Alastair Blenkin, founder and CEO of ProcurePro, stated the corporate’s subsequent stage is placing its knowledge to work as a part of a brand new AI roadmap.
“After years of supporting procurement throughout hundreds of initiatives, we now have a wealthy basis of real-world procurement knowledge,” he stated.
“This funding permits us to speculate additional in AI, the place we’ll allow building companies to estimate new challenge prices backed by their historic buying knowledge, fairly than somebody’s estimate, reminiscence, or a finger within the wind.”
ProcurePro sells software program to go contractors that pulls the complete procurement lifecycle into one platform.
Scheduling, tendering, bid evaluation, subcontracting are all introduced collectively to exchange a tangle of spreadsheets, e-mail chains and disconnected Phrase paperwork.
In keeping with ProcurePro, round 80% of a challenge’s prices are locked in on the procurement stage, properly earlier than anybody breaks floor.
QIC Ventures Funding Director Nick Capell stated there’s nice alternative “upstream of building”.
“It’s a globally related downside that continues to be unsolved,” he stated.
“With Queensland delivering a once-in-a-generation infrastructure programme forward of the 2032 Olympics, improvements that enhance building productiveness are essential.”
For QIC Ventures, the cheque extends a run of Queensland-grown enterprise SaaS backing — latest offers embrace council reserving platform Attekus and fleet analytics startup Fleetyr.
ProcurePro was based in Brisbane and raised a $2.6 million seed round in 2022 earlier than following with a $6.15 million Series A in early 2024.
AirTree backed the exterior spherical with Aconex co-founder Leigh Jasper backing it by his earlier fund, Saniel Ventures.
Jasper has since gone on to arrange Glitch Capital, the $50 million ANZ “founders fund” that additionally participated on this spherical.
Now with Bouygues writing a cheque on a product it’s already utilizing, there’s vital indicators of maturity.
Marie-Luce Godinot, Bouygues Group’s senior vice-president for innovation, sustainability and IT, stated ProcurePro helps present “better management to the complete procurement journey for contractors”.
“[The product] has been deployed efficiently on some Bouygues initiatives, with utilization progressively growing throughout a number of enterprise models.”
