ProcurePro, a platform that helps manage construction procurement from start to finish has raised A$15 million (around US$11 million) in a new funding round.
The investment was led by QIC Ventures, one of Australia’s biggest sovereign wealth funds and infrastructure investors. The funding round has valued ProcurePro at more than A$100 million.
Existing investors Airtree and Glitch Capital also joined the round. Global construction company Bouygues participated as well through its VC partner ISAI.
The company plans to use the new funding to grow its AI-powered construction products and expand its business further in the United Kingdom, the Middle East, and North America.
“Construction firms are still managing their most critical commercial decisions, and millions in spend, through out-of-date and untrustworthy spreadsheets. The lack of true oversight delays risk identification and ultimately erodes margin. We built ProcurePro to bring structure, control and certainty to the commercial cockpit of construction firms.
What makes this round 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 intelligence. 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,” said Alastair Blenkin, Founder and CEO, ProcurePro
“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,” said Nick Capell, Investment Director, QIC Ventures
Founded in 2020, ProcurePro develops software that helps construction companies move away from traditional spreadsheet-based procurement processes, which are still widely used in the industry.
The platform allows builders to digitally create, send, and manage trade packages in one place. This also helps collect organized project data that can be used by the company’s AI tools to improve efficiency and decision-making.
The Series B funding round marks a major milestone for ProcurePro, as it attracted support from some of Australia’s largest institutional investors, as well as major global construction companies.
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