In September 2019, Bloomberg reported that Procore was working with Goldman Sachs on an imminent IPO, and that the firm was seeking a valuation of $4 billion at the time. If Joe Biden wins and makes good on his promise to stop the construction of the U.S.-Mexico border wall, the contractors involved won't have options other than packing up and going home. The company outlined its plans, which we previewed here, last September for an initial public offering of its common stock. © 2020 Crunchbase, Inc. All Rights Reserved. Procore to Postpone IPO, Raise Funds at $5 Billion Value Katie Roof, Crystal Tse and Liana Baker , Bloomberg News Workers install fittings for the facade of a luxury condominium building under construction at 277 5th Avenue in New York, U.S. , Bloomberg At the same time, its net loss was up by 46.5 percent to $83.1 million in 2019 compared to $56.7 million in 2018. Developer of a cloud-based construction management platform designed to manage construction and real-estate projects. It is, however, an industry that is growing both in terms of the number of companies receiving funding in the space and in terms of more mainstream investor interest. New investors in the round include D1 Capital Partners, the investment firm run by Dan Sundheim, according to Bloomberg, which also reported that “Procore could still go public this year if markets stabilize.”. Since it was founded in 2003, Procore has raised just over $300 million in funding, according to Crunchbase data. Last September, we reported that an IPO could value 17-year-old Procore at more than $4 billion, according to Bloomberg, which cited “people with knowledge of the matter.” In December, we covered how the company had tripled its valuation to nearly $3 billion after raising a $75 million Series H from Tiger Global Management . Enterprise clients are able to invite new clients at no additional cost to encourage widespread adoption of Procore’s products. Company Name Proposed Symbol Exchange Price Range Shares Withdrawn Date; ArcherDX: RCHR: Nasdaq: 12/14/2020: Aspire Real Estate Investors: ASPI: NYSE: $20.00: 15,000,000 In late February, I covered how Procore had filed an S-1 with the U.S. Securities and Exchange Commission. But it’s here now. Crunchbase News' top picks of the news to stay current in the VC and startup world. indicated investors would be getting in on a $9.4 billion annual potential market opportunity for its products. Safe Site Check In Delivers Rapid, Private COVID-19 Health Screenings, Contact Tracing Repor... How 5 chains are designing restaurants for a digital future, Balfour Beatty, Lendlease announce carbon-cutting initiatives, AECOM Tishman is raising the bar for safety and productivity, Report: Pandemic has accelerated contech adoption. However, the company still has $121.8 million in cash and cash equivalents on its balance sheet. Like other SaaS operators, Procore sells its products on a subscription basis for a fixed fee with pricing generally based on the number and mix of products and the annual construction volume contracted to run on its platform. Goldman Sachs is leading the IPO and Procore plans to trade on the New York Stock Exchange (NYSE) under the ticker “PCOR". Procore Technologies has raised $499 m in total funding. EquipmentShare Las Vegas Opens Doors to Provide Innovative Solutions for Area Construction ... Latest COVID Relief Bill Gives $10B to State DOTs, Voices of 2020: Construction execs from Barr, Knutson, Stantec, others reflect on 2020, San Diego stadium that was home to Chargers, Padres to be demolished, Embracing the future of communication in the field, The Ultimate Guide to Benchmarking Construction Workflows. initial IPO paperwork filing, but said in the document it would in the near future. It filed in February for an IPO, disclosing a net loss of $83 million on revenue of $289 million in 2019. In February 2020, the company filed is S-1 registration document with the SEC in advance of a planned IPO. Specifically, the company’s revenue surged 55 percent in 2019 to $289.2 million compared with $186.4 million in 2018. It’s revenue grew by about 55% in comparison to 2018. software as a service (SaaS) provider did not set a date on its. Procore first filed initial paperwork for the IPO in February, then opted for a round of private funding, raising above $150 million at a valuation of $5 billion, according to Bloomberg. Procore, which operates as a SaaS company, has seen impressive growth in recent years. March 4, 2020. Other previous backers include Bessemer Venture Partners  and Lumia Capital. Initial public offerings are in the spotlight this week thanks to Airbnb (NASDAQ: ABNB) and DoorDash (NYSE: DASH).However, news today suggests that an even more exciting IPO … ​Early into the coronavirus pandemic shutdowns, Procore announced an integration with Zoom, allowing clients to use the video meeting application through the Procore software. Originally posted March 21, 2020. Procore's mission is to "connect everyone in construction on a global platform" and it operates in one of the oldest and least digitized industries in the world -- construction -- which represented ~13% of GDP, and employed 7% of the global workforce in 2017. Freelance Writers: How To Pitch Crunchbase News, The Briefing: Graphcore Raises $222M, DXY Closes On $500M, And More, Q&A: Next Coast Ventures’ Mike Smerklo Channels Early Beginnings With Andreessen, Horowitz Into Advice For Entrepreneurs, Investors Say These Enterprise Software Sectors Will Likely Remain Hot in 2021, The Briefing: Zuoyebang Lands $1.6B, India Startup Funding Hit $9.3B, And More, From The Editor’s Desk: The Promises 2021 Holds, Antidilution: The Other Way VCs Take More Of Your Startup’s Equity, How Pro Rata Works In Venture Capital Deals, Cap Tables, Share Structures, Valuations, Oh My! But presumably in light of the unexpected economic downturn that has resulted from the COVID-19 crisis, the Southern California-based company has had a change of heart. The company saw respective net losses of $83.1 million and $56.7 million. Procore Technologies, Inc. (PCOR) Procore Technologies will go public soon, but the exact IPO date is still unknown. Procore Technologies has filed to raise $100 million in an IPO of its common stock, according to an S-1 registration statement.The firm has developed a … Crunchbase is the leading destination for millions of users to discover industry trends, investments, and news about global companies–from startups to the Fortune 1000. ... Funding to Date: $603,267,597 Developer of a cloud-based project-management platform intended to manage construction and real-estate projects. That was up from a $1 billion valuation just two years prior when Procore raised $50 million in a Series G round from ICONIQ Capital. Procore recorded $289.2 million in revenue in 2019 and $186.4 million in 2018, according to the filing. Despite 2020 Challenges, EquipmentShare Celebrates Holiday Giving at Headquarters Christmas ... Bridgit’s construction resource planning software adopted by 10% of leading ENR 400 contractors. Procore develops construction project management software. "Name and shame" policies blocking border wall contractors from work with cities like Los Angeles and Austin, Texas, have been in effect since 2018. The SCOOP ratings should not be taken as investment advice. Since 2018, Procore has acquired four companies using $171.6 million in cash and stock. The free newsletter covering the top industry headlines. Border wall breakup: Will blacklisting of contractors end if construction stops? 12/10/2020: Airbnb IPO is complete – All investors can now own the stock 12/09/2020: Airbnb IPO prices IPO at $68 12/08/2020: Cramer predicts a strong 2021 rebound for Airbnb after IPO 12/06/2020: WSJ: Airbnb Boosts IPO Price Range to Between $56 and $60 a Share 12/01/2020: Eligible Fidelity customers may indicate interest for Airbnb IPO () Crunchbase Daily. In its S-1, Procore shed more light on its financials. Rumors surfaced in 2019 as the company prepared to go public. View Procore Technologies stock / share price, financials, funding rounds, investors and more at Craft. Procore saw its annual recurring revenue surge from under $10 million in 2014 to over $250 million last August. Stay up to date with recent funding rounds, acquisitions, and more with the It’s also seeing more exits, although now we may be seeing less IPOs and more M&As. Subscribe to Construction Dive to get the must-read news & insights in your inbox. Procore lists $100 million as its IPO placeholder raise, ... First, Procore filed to go public after the worst week in the stock market since the 2008 crash. Investors expected the IPO to come toward the end of 2020. Meanwhile, customer count nearly doubled from 4,310 at the end of 2017 to 8,506 at the end of 2019. In 2019, revenues were US$289.2 million , up from US$186.4 million in 2018 and US$112.3 million in 2017; the company recorded net losses for all three years: US$55.5 million in 2017; US$56.7 million in 2018; and US$83.1 million in 2019. Procore was founded on January 17, 2002, with headquarters in Carpinteria, California. Construction software management company Procore Technologies is reportedly delaying plans for an initial public offering (IPO), likely due to the coronavirus pandemic’s impact to the economy. Come to think of, M & A is pretty rampant in the construction technology industry. Despite the pandemic rankling the economy in the first half of the year, 2020 proved to be healthy for enterprise software investing. Discover announcements from companies in your industry. Procore’s S-1 filing indicated investors would be getting in on a $9.4 billion annual potential market opportunity for its products. The company posted a net loss of $83 million on $289 in revenue in 2019, according to Procore’s filing with the U.S. Securities and Exchange Commission. Subsequently in April 2020, it was broadly reported that the company had postponed its IPO plans. The lock-up period expiration must be reached before selling activity can take place, the quiet period expiration date must be reached before buying can take place. with Zoom, allowing clients to use the video meeting application through the Procore software. Procore recorded net losses of $83.1 million in 2019 and $56.7 million in 2018, according to its March filing, on respective revenues of $289.2 million and $186.4 million. Bloomberg first reported on the news yesterday, which I confirmed with people who have firsthand knowledge of the decision this morning. Procore has also seen its ARR (annual recurring revenue) surge from under $10 million in 2014 to over $250 million today . Procore, which operates as a SaaS company, has seen impressive growth in recent years. Experience management software company Qualtrics has filed for an initial public offering, two years after being acquired by SAP. As of August 2019, it had more than 1,800 employees, up 600 compared to a year ago, across 13 offices globally. The software as a service (SaaS) provider did not set a date on its initial IPO paperwork filing, but said in the document it would in the near future. Procore General Information Description. By signing up to receive our newsletter, you agree to our, flickr user U.S. Customs and Border Protection, Border wall breakup: What would happen if Biden becomes president. Experts: Construction material shortages to continue in 2021, CDC recommends construction workers get coronavirus vaccine after grocery workers, older Americans, Suffolk joins other firms in expanding New York City presence, COVID-19 sick leave: What employers need to know, Multiply Business Growth in a Pandemic Economy With CRM Technology, 3 Construction Disruptors That Will Spark a Productivity Revolution, How Technology is Helping Contractors Thrive in the New Normal, New device to get EV charging capability in apartment and condo buildings. Also, Procore revealed it had an accumulated deficit of $300.8 million at the end of last year. Construction management software provider Procore Technologies has put off its plans to go public in favor of raising more funding, sources close to the matter say. In the last one year, the company has already acquired 3 startups as part of its plan to widen its offerings through M & A. Last year, investors were prepared for a Procore IPO. By Annie Gaus Project management software as a service (SaaS) provider Procore Technologies Inc. has been tight-lipped in the past about when, or … People familiar with the decision said that Procore has closed on more than $150 million in funding at a valuation of about $5 billion. A potential miscalculation of future ma.rket opportunity. A report on the tech industry’s IPO pipeline named Carpinteria construction management software maker Procore among the top five companies most likely to make a public debut in 2020. The company's web-based platform features tools for daily job logs, ... Procore to Postpone IPO, Raise Funds at $5 Billion Value. Topics covered: commercial, infrastructure, design, green, regulation, multifamily construction, and more. The number of Procore users, however, has doubled in that time, reaching nearly 1.3 million at the end of 2019. The company’s intent to file for an IPO also acknowledged potential, into the coronavirus pandemic shutdowns, Procore. A Case Study of Early-Stage Funding. Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums), is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. A representative for Procore declined to comment on the planned IPO. That number is based on the potential number of clients from owners, general contractors and specialty contractors in each of Procore’s geographic markets: U.S., Canada, Mexico, the United Kingdom, Ireland, Australia and New Zealand. Last September, we reported that an IPO could value 17-year-old Procore at more than $4 billion, according to Bloomberg, which cited “people with knowledge of the matter.” In December, we covered how the company had tripled its valuation to nearly $3 billion after raising a $75 million Series H from Tiger Global Management. The IPO filing gives a lot of background about Procore’s finances. The list assembled by CB Insights, titled "The 2020 Tech IPO Pipeline" report, uses a tool it developed in partnership with the National Science Foundation to… Ways to Invest in Procore Technologies stock. IPO News. Although both the lock-up period expiration date and the quiet period expiration date are used to help prevent abnormal stock returns, they happen at different times in the IPO process. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. In February 2020, Procore filed to go public, but the company subsequently delayed its IPO plans due to COVID-19. Procore was founded in 2003 by Craig Courtemanche. Construction Dive reached out to Procore, but the firm declined to comment on the IPO's status. In each of the company’s three years of reporting, it’s recorded net losses: $55.5 million in 2017; $56.7 million in 2018; and $83 million in 2019. Procore IPO Recently Filed With SEC. As of August, it had more than 1,800 employees, up 600 compared to a year ago, across 13 offices globally. The inability to maintain and enhance the Procore brand. in February, then opted for a round of private funding, raising above $150 million at a valuation of $5 billion. By Amber Deter. Notably, it admitted “to a history of losses,” and that it “may not be able to achieve or sustain profitability in the future.” It also acknowledged that its business may be “significantly impacted” by changes in the “related reductions in spend across the construction industry.” No doubt that a downturn resulting in a slowdown in development would be harmful to Procore’s business. As its customers subscribe to additional products, or increase the annual construction volume contracted to run on Procore’s platform, the company generates more revenue. Procore Technologies valuation is $5 b, and annual revenue was $289 m in Y 2019. It revealed both increased revenue and net loss in 2019. 1 day ago - Elon Musk says it's now 'impossible' to take Tesla private — and that a Starlink IPO is likely - Business Insider 3 days ago - Is C3.ai Stock a Buy After Almost Quadrupling Since Its IPO? Latest Airbnb Stock IPO News. As we’ve reported extensively, construction tech is one of those spaces that has not been considered traditionally sexy. The company’s intent to file for an IPO also acknowledged potential investor risks such as: Potential future decreases in construction spending. ". So the Procore IPO seems like a solid investment opportunity. In citing its risk factors, Procore acknowledged a couple of things. The Procore IPO may come out this year or early half of 2020. Updated on March 24 at 4:40 pm. - The Motley Fool; 3 days ago - The Connected Economy's 10 Biggest US IPOs Of 2020 - PYMNTS 3 days ago - DoorDash And Airbnb: A Dive Into Two Of 2020's Hottest IPOs - Seeking Alpha Filed 2020-02-28: For IPO Boutique's "scale of 1 to 5" BUY rating on Procore Technologies, Inc., and our comprehensive analysis, click "Buy Market Research. 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