Adrian JohnsonTLDR: Construction software startup ProcurePro has raised $6.15 million in a Series A funding round to expand its operations in the UK. The round was led by AirTree and industry expert Leigh Jasper through his VC fund Saniel Ventures. ProcurePro enables construction firms to streamline their supply chain by consolidating procurement processes into a single digital platform. Since its launch, the platform has been used in over 1000 projects worth $30 billion in Australia and New Zealand.
ProcurePro, a construction software startup based in Brisbane, has secured $6.15 million in a Series A funding round to expand its operations in the UK market. The round was led by AirTree Capital and industry expert Leigh Jasper through his VC fund Saniel Ventures. This funding will help the company accelerate its growth in the UK while solidifying its market-leading position in Australia and New Zealand.
ProcurePro was founded in 2021 by Alastair Blenkin, Tom Newby, Nathan Dench, Jesse Dymond, and Tim Rogers. The team consists of individuals with backgrounds in law, construction management, enterprise software development, and product design. The platform aims to digitize the procurement processes of construction firms, which traditionally involve managing multiple processes using Excel, Word, and email. ProcurePro’s platform consolidates these processes into a single digital platform, giving builders better visibility, consistency, and control in half the usual procurement time.
The startup has already achieved success in the Australian and New Zealand markets, with over 1000 projects worth $30 billion using the platform since its launch. With the new funding, ProcurePro plans to expand its operations in the UK market. Co-founders Tim Rogers and Alastair Blenkin have relocated to the UK to spearhead the startup’s global ambitions. Within weeks of setting up shop in the UK, the company has already signed up projects worth nearly $600 million.
ProcurePro aims to address the inefficiencies and challenges in the construction industry’s procurement processes. According to Alastair Blenkin, the CEO of ProcurePro, around 80% of project costs for a head contractor are spent on procuring specialist subcontractors. ProcurePro’s platform aims to increase efficiency and save time for construction firms by automating and digitizing these processes. The company has already saved construction firms 200,000 hours in construction admin since its launch 2.5 years ago.
The funding round was led by AirTree Capital, a venture capital firm that has previously invested in successful startups such as Canva and Airtasker. Leigh Jasper, an industry expert and founder of project management software platform Aconex, also participated in the round through his VC fund Saniel Ventures. Leigh Jasper praised ProcurePro’s growth and penetration in the Australian market, stating that the startup has solved the long-standing problem of painful and manual procurement processes in construction projects.
With the new funding, ProcurePro aims to further expand its operations and establish its presence in the UK market as a key expansion market. The company aims to cement its market-leading position in Australia and New Zealand while also pursuing global growth opportunities.
