ProcurePro has raised US$11 million in new funding as the Australian construction software company seeks to expand its AI-driven procurement platform into more international markets, according to the company and its investors.
The round was led by QIC Ventures, the venture arm of Queensland Investment Corporation, with support from existing backers Airtree and Glitch Capital, alongside Bouygues, the French construction group, through its corporate venture vehicle managed by ISA...
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I. The company said the deal values it at more than US$80 million.
ProcurePro, which was founded six years ago and is based in Brisbane, has positioned itself as a specialist platform for main contractors, aiming to bring the procurement process into a single system rather than leaving it spread across spreadsheets, emails and shared folders. The company says its software covers scheduling, tendering, bid analysis and subcontracting, giving commercial teams more visibility before contracts are signed.
That pitch is aimed at an industry with enormous scale but notoriously thin margins. Construction is worth about US$13 trillion globally, yet profit levels are typically only 1% to 4%, and much of the financial risk is locked in before work begins. ProcurePro says that by the time ground is broken, most project costs have already been committed.
The company says its platform has been used on 6,000 projects worldwide, representing more than US$90 billion in construction value, and has processed over 200,000 trade packages. That data now underpins BidLevel AI, its flagship product for comparing subcontractor quotes, a task that can take commercial managers days or even weeks.
Alastair Blenkin, ProcurePro’s founder and chief executive, said the new capital would support the company’s next phase of growth and deepen investment in artificial intelligence. He argued that construction firms still rely on outdated tools for some of their most important commercial decisions, and said the company’s goal is to bring more structure and certainty to procurement.
QIC Ventures described the problem as one that remains both global and unresolved, while Bouygues said the software had already been used successfully on some of its projects. The investment also reflects growing interest from large industry players in tools that can improve productivity in a sector often criticised for lagging behind other parts of the economy on digital adoption.
ProcurePro plans to use the funding to accelerate its AI product development and expand in the UK, the Middle East and North America. It also intends to hire 100 people globally over the next two years, with roles spanning product, engineering and sales, and is building out its presence in London, Brisbane and Dubai, with a US office also planned.
Whether that strategy turns ProcurePro into a genuine standard-setter will depend on how widely contractors adopt it on live projects. But the backing from a sovereign wealth-linked investor, an international contractor and existing venture funds suggests there is growing conviction that construction procurement is finally being treated as a problem worth modernising.
Source: Noah Wire Services
