Procore Technology Valued at $3 Billion
Carpinteria’s Procore Technologies completed a round of financing that raised $75 million, the software company announced on Thursday, giving it a valuation of $3 billion. The company, which has more than 1,300 employees in 12 offices globally, provides the construction industry with cloud-based management software that allows a project team to share and manipulate large bytes of information with less klutzy file transfer protocols, according to Bloomberg.
The company’s products are number one in the field, asserts the company website, which also gives a brief history of CEO Craig “Tooey” Courtemanche, who says he dropped out of college to work construction in the Bay Area, and was in the right place at the right time when the tech boom started. He plainly had the right skills, too, as he jumped onto the coding floor, as well. Courtemanche said his interest in construction management software grew out of his own home construction at a time when landlines and fax machines were the only way to communicate designs and materials lists. “I was shocked that anything ever got done,” he said.
From his initial job logs to a two-week calendaring system to almost losing his shirt before partnering with Steve Zahm, Courtemanche has grown his company since 2002 to encompass projects with 5,000 customers in more than 100 countries.
