ProcurePro has raised $11 million in a Series B funding round to expand its AI-driven procurement platform for the construction industry.
The round was led by QIC Ventures, the investment arm of one of Australia’s sovereign wealth funds. Existing investors including Airtree and Glitch Capital also participated in the round. In addition, Isai, which manages the venture arm of global construction company Bouygues, joined the investment.
The latest funding round values ProcurePro at more than $80 million.
The construction sector has long relied on manual procurement systems that involve spreadsheets, emails, and paper-based documentation. These fragmented processes can create delays, increase costs, and reduce project margins.
ProcurePro said its platform centralizes procurement workflows into a single digital system. The software manages the full lifecycle of trade packages, including scheduling, tendering, subcontracting, and spend tracking.
As a result, contractors can monitor project costs in real time and identify financial risks earlier in the process.
The company plans to use the new funding to strengthen its artificial intelligence capabilities. ProcurePro said its platform has already been used across more than 6,000 projects globally, representing over $90 billion in construction value.
According to the company, the platform has collected large volumes of procurement and pricing data from these projects. ProcurePro now plans to use this dataset to develop predictive AI tools for cost estimation and procurement planning.
The company said the system could help construction firms estimate project costs and procurement requirements more efficiently using historical purchasing data.
Founded in Brisbane, Australia, ProcurePro currently operates in the United Kingdom, Ireland, and the Middle East. The company also announced plans to open its first U.S. office as part of its North American expansion strategy.
In addition, ProcurePro plans to hire around 100 employees globally over the next two years. The hiring expansion will cover engineering, product, and go-to-market teams across Brisbane, London, Dubai, and the United States.
The company said growing material costs and labor shortages are increasing demand for digital procurement tools in the construction industry.
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