Procore Reportedly Pulls IPO, Raises $150M At $5B Valuation Instead
Summary
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. The company outlined its plans, which we previewed here, last September for an initial public offering of its common stock. 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.” 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. 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. 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.
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