Procore, a construction software management company, reportedly delayed their Initial Public Offer due to the outbreak of the COVID-19 virus and the impact the outbreak made across the globe. Procore didn’t officially confirm postponing the IPO, however, the company didn’t specify the date for going public. The first field initial paper filing for the IPO was submitted in February 2020 while the company raised 150 million dollars in the first round of private funding.
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Procore Construction Software Company Valued at 5 Billion Dollars
According to Bloomberg, Procore is valued at 5 billion dollars, based on which the company collected 150 million dollars in the first funding round. Procore and the company’s operations are narrowly related to construction as an essential sector and tech adoption in the industry, which is where its value lies. The official date for joining the market of publicly traded companies has not been specified yet by the company while the launch should take place “in the near future”.
Net Losses for Procore in the Last Three Years, The Number of Users Growing
The company operating in the SaaS sector, Software-as-a-Service, reported net losses in the last three consecutive years. Procore reported net losses of 55.5 million in 2017, 56.7 in 2018, and 83 million in 2019. The company is recording more losses with each annual report. At the same time, Procore is recording a growing number of users during the period from 2017 to 2019, doubling the number of users and reaching nearly 1.3 million by the end of 2019.
Procore and 9.4 Billion a Year in Market Potential
Procore is inviting investors as a prominent construction software company to join in on the opportunity of 9. 4 billion dollars annually in market opportunities and potential. The 9.4 billion dollars in annual profit includes potential clients of Procore products in the United Kingdom, US, Canada, Mexico, Ireland, Australia, and New Zealand.
