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Scoop: Construction tech unicorn Procore seeking to raise $112.5M

Procore, a developer of cloud-based construction project management software, is seeking to raise up to $112.5 million in VC funding, PitchBook has learned.

Procore is seeking to raise up to $112.5 million in Series H1 funding, PitchBook has learned. The funding would value the company at around $3.3 billion, per a PitchBook estimate, up from the $3 billion valuation it reached in December.

Final terms and details of the financing have not been announced and are subject to change. The company declined to comment.

Founded in 2003, the Southern California-based company is the provider of cloud-based construction software, which aims to replace the industry’s reliance on paper-based documentation. Procore counts construction heavyweights such as Beck, McCarthy and Skanska among its clients, in addition to targeting general contractors and real estate owners.

The company has pulled in over $306 million in total funding from investors including Bessemer Venture Partners, Iconiq Capital and Tiger Global Management. Here’s a look at Procore’s fundraising and valuation history, per the PitchBook Platform:

2004: $940,000 round | $4M valuation
Jan. 2007: $4M | $14.3M
Nov. 2014: $16.2M | $74M
Mar. 2015: $30M | $209M
Feb. 2016: $80M | $507M
Dec. 2016: $50M | $981M
Dec. 2018: $75M | $3B

Featured image via william87/iStock/Getty Images Plus

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    Written by Ian Agar

    Ian Agar was a financial writer at PitchBook covering venture capital.

    A native of Southern California, he joined the US Coast Guard and received his BA in Psychology from American Military University. After leaving the military, he was a writer for SeekingAlpha for over six years covering blue-chip stocks and fast-growing small-cap companies. Although studying charts and financial reports excite him, his wife is his real passion in life—especially when they both spend time studying charts and financial reports together.

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