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 present backers AirTree and Glitch Capital alongside Bouygues, which invested through a enterprise automobile managed by Paris-based VC ISAI.
ProcurePro plans to rent 100 individuals over the following 24 months throughout product, engineering and go-to-market.
It should additionally look to face up its first US workplace whereas scaling its present workplaces in Brisbane, London and Dubai.
The corporate says it has now been deployed throughout greater than 6,000 tasks globally.
Alastair Blenkin, founder and CEO of ProcurePro, stated the corporate’s subsequent stage is placing its information to work as a part of a brand new AI roadmap.
“After years of supporting procurement throughout hundreds of tasks, we now have a wealthy basis of real-world procurement information,” he stated.
“This funding permits us to take a position additional in AI, the place we’ll allow building corporations to estimate new undertaking prices backed by their historic buying information, slightly than somebody’s estimate, reminiscence, or a finger within the wind.”
ProcurePro sells software program to move 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 accordance with ProcurePro, round 80% of a undertaking’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 is still unsolved,” he stated.
“With Queensland delivering a once-in-a-generation infrastructure programme forward of the 2032 Olympics, improvements that enhance building productiveness are crucial.”
For QIC Ventures, the cheque extends a run of Queensland-grown enterprise SaaS backing — current offers embrace council reserving platform Attekus and fleet analytics startup Fleetyr.
ProcurePro was based in Brisbane and raised a $2.6 million seed spherical in 2022 earlier than following with a $6.15 million Sequence A in early 2024.
AirTree backed the exterior spherical with Aconex co-founder Leigh Jasper backing it by way of 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 tasks, with utilization progressively growing throughout a number of enterprise models.”
