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Procore Technologies

“Can a construction SaaS platform monetize its project-level data graph by becoming the underwriting engine for payments, insurance, and lending across the industry?”

Founded2002
HQCarpinteria, California, USA
FoundersTooey Courtemanche
Total raised$304M+ (pre-IPO); IPO raised ~$635M
Latest roundIPO (May 2021)
Valuation$5B pre-IPO (2020); public market cap varies
IndustryVertical SaaS / Construction
The story

Procore built the dominant cloud construction management platform from 2002, IPO'd in 2021, and has since aggressively expanded into embedded financial services on top of its project-data graph. The 2021 Levelset acquisition added lien/payment workflows, 2022-2023 brought construction insurance (Shepherd partnership, then in-house Procore Risk Advisors brokerage with Allianz/Swiss Re), and Procore Pay launched as a money-transmission product via wholly-owned Procore Payment Services, Inc. The current strategic question is whether Procore can convert its project workflow data into an underwriting engine across payments, insurance, and lending.

Last 12 months
2025-11
Product timeline
2002
Founded as cloud-based construction management software· pivot
2021
IPO on NYSE under ticker PCOR· ipo
2021
Acquired Levelset to add lien management and payment workflow capabilities· acquisition
2022
Partnered with Shepherd insurtech on Casualty Pro insurance program· banking
2023
Launched Procore Risk Advisors construction insurance brokerage (Allianz/Swiss Re reinsurance)· banking
2023
Launched Procore Pay (B2B payments between GCs and subcontractors) via Procore Payment Services, Inc.· banking
2025
Released Multi-Currency feature for global financial control· banking
Regulated entities
MTL
US (multi-state)
Procore Payment Services, Inc.
The stack
Payments / PSP
Procore Pay (self-operated)
Accounting
QuickBooks DesktopQuickBooks OnlineXeroNetSuiteSage IntacctSage 300 CREVista (Viewpoint)AcumaticaYardi VoyagerCMiC
Accounting gap: minor