ProcurePro Secures $11M for its Construction Procurement AI

ProcurePro – the first end-to-end construction procurement platform – has secured US$11m in funding, taking the company's value to more than US$80m. 

The funding round was led by QIC Ventures, one of Australia’s largest sovereign wealth funds, joining the existing investors – Airtree, Glitch Capital, and Bouygues.

Construction: A US$13trn global industry and one of the least profitable

Despite being a US$13tn global industry, construction remains one of the least profitable, operating a slim margin of just 1 to 4%. 

In Australia alone, the headquarters of ProcurePro, the construction sector accounts for approximately 7% of GDP, contributing more than AU$175bn in gross value added annually and employs approximately 1.3 million people (2023-24, Australian Bureau of Statistics), making it one of the nation's largest industries by output.

"Procurement sits upstream of construction spend yet remains highly manual and weakly governed. It's a globally relevant problem that remains unsolved. With Queensland delivering a once-in-a-generation infrastructure programme ahead of the 2032 Olympics, innovations that improve construction productivity are critical," says Nick Capell, Investment Director at QIC Ventures.

Despite this scale, the industry underperforms against its operational efficiency benchmark – chronic cost overruns, schedule delays and contractor insolvencies remain stubbornly common.

Commercial outcomes are often determined long before a project breaks ground. At the procurement stage, 80% of costs are already committed and supply chain risk is locked in. 

Yet the function responsible for managing this risk has been chronically under-invested in. Across the industry, procurement is still managed through fragmented spreadsheets, email chains and disconnected documents, with no single source of truth.

"Construction firms are still managing their most critical commercial decisions and millions in spend via out-of-date and untrustworthy spreadsheets. The lack of true oversight delays risk identification which ultimately erodes margins. We built ProcurePro to bring structure, control and certainty to the commercial cockpit of construction firms,” says Alastair Blenkin, Founder and CEO of ProcurePro.

ProcurePro the first construction-specific procurement platform

Changing the status quo, ProcurePro brings the full procurement lifecycle into one system – from scheduling and tendering through to bid analysis and subcontracting – giving contractors the control, visibility and certainty before contracts are signed.

In the last six years, ProcurePro has been deployed across 6,000 construction products globally, worth more than US$90bn in construction value. 

"ProcurePro is one of the first technologies we have seen that brings greater control to the full procurement journey for contractors. It has been deployed successfully on some Bouygues projects, with usage progressively developing across several business units,” says Marie-Luce Godinot, Senior Vice-President, Innovation, Sustainability and IT at Bouygues Group.

Processing more than 200,000 trade packages, ProcurePro has created a uniquely deep dataset of real-world procurement activity, pricing and supply chain behaviour.

It is this dataset that now underpins ProcurePro’s AI product roadmap, including its flagship intelligence tool, BidLevel AI, for comparing complex subcontractor quotes. A process that would traditionally take days, sometimes weeks, for commercial teams now takes minutes. 

“What makes this even more powerful is the data. After years of supporting procurement across thousands of projects, we now have a rich foundation of real-world procurement data. This funding allows us to invest further in AI, where we'll enable construction firms to estimate new project costs backed by their historical purchasing data, rather than someone's estimate, memory, or a finger in the wind,” says Alastair.