Tooey Courtemanche
Founder and CEO at Procore
A publicly traded construction management company that has fully embraced technology in theory and practice, Procore has grown over the last 20 years to be a power not only in its own sector of real estate but in proptech as well.
Led by Tooey Courtemanche, the Carpinteria, Calif.- based company has aggressively grown its full-stack technological capabilities, often through the acquisition of proptech startups.
The company was especially active in 2021, acquiring proptech startups INDUS.AI, LaborChart and Levelset, the last for $500 million.
“Construction work is hard enough — getting paid shouldn’t be,” Courtemanche said about the addition of Levelset to Procore’s tech stack when the deal was announced in September 2021. “Levelset helps the construction industry get paid faster, and their offering will be a perfect addition to the Procore platform. This acquisition will also give Procore access to industry data, including payments and compliance activity, allowing us to deliver valuable risk intelligence to our customers and to develop innovative financial products.”
The 2019 acquisition of Honest Buildings, a leading provider of project management software for owners and developers — whose $161.6 million price tag rocked the proptech startup world then — may have been the cannon shot that alerted all of real estate that construction had begun to move from caveman to spaceman in converting the sector to contech.
At the time of the Honest Buildings’ acquisition, Procore announced that it was creating the construction industry’s first full-stack platform to manage projects from start to finish, unifying financials and cost tracking from the investor or lender to the final spend at the subcontractor or material provider level.
Such ambitions have continued to grow for Procore, and the construction industry as a whole, as evidenced by Procore’s 2021 seed round investment in and partnership with Shepherd, an insurtech startup that facilitates tech-enabled insurance for commercial construction. Shepherd closed its seed round last fall at $6.15 million. —P.R.
