Brighter Super and QIC Ventures have joined a A$15 million Series B funding round for ProcurePro, lifting the construction procurement software company’s valuation to more than $100 million and giving the business fresh capital to accelerate overseas expansion.
The investment adds to backing from existing shareholders Bouygues, AirTree and Glitch Capital. According to the company, the money will be used to deepen ProcurePro’s artificial intelligence tools and support growth...
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in the UK, the Middle East and North America, with a US office due to follow existing hubs in Brisbane, London and Dubai.
ProcurePro’s software is designed to bring order to one of construction’s most cumbersome back-office functions. The platform replaces a patchwork of spreadsheets, emails and shared drives with a single system for comparing, approving and contracting subcontractors and suppliers. The company says that approach gives project teams better visibility over commercial decisions before contracts are signed, helping to reduce risk and improve margins.
ProcurePro founder and chief executive Alastair Blenkin has argued that many builders still rely on outdated and unreliable tools to manage high-value procurement decisions. He said the company had built the platform to introduce more structure and certainty into the commercial side of construction, while also drawing on a growing body of procurement data gathered from thousands of projects.
QIC Ventures investment director Nick Capell said the problem remained both widespread and under-served, noting that procurement sits close to the largest areas of construction spend but is still often handled manually and with weak governance. He said ProcurePro was embedding itself directly into the workflow where cost, risk and compliance decisions are made.
For Brighter Super, the deal fits within a broader Queensland investment strategy backed by a A$50 million mandate that QIC won from the fund last year to support high-growth businesses in the state. QIC has said that programme is intended to recycle Queenslanders’ retirement savings into local innovation, with a focus on areas including artificial intelligence, digitisation, agtech, healthtech and frontier technology.
Brighter Super chief executive Kate Farrar said the company’s fundamentals were strong and that the investment also supported local jobs and long-term value creation for members. She added that Queensland’s population growth and the 2032 Olympics would create opportunities for the business, while the fresh capital would help it tap wider demand for AI-enabled construction tools overseas.
The ProcurePro deal follows another recent joint investment by Brighter Super and QIC in Future Maintenance Technologies, underlining the pair’s growing appetite for Queensland-founded technology companies with global ambitions. ProcurePro, meanwhile, says it has already been deployed across thousands of projects worldwide, giving it a base from which to push further into major construction markets.
Source: Noah Wire Services
