Brisbane construction procurement startup ProcurePro raises US$11 million led by Queensland government-backed QIC Ventures, with French construction giant Bouygues — already a customer — joining the cap table.
The round values the six-year-old company at more than US$80 million and drew existing backers AirTree and Glitch Capital alongside Bouygues, which invested via a venture vehicle managed by Paris-based VC ISAI.
ProcurePro plans to hire 100 people over the next 24 months across product, engineering and go-to-market.
It will also look to stand up its first US office while scaling its existing offices in Brisbane, London and Dubai.
The company says it has now been deployed across more than 6,000 projects globally.
Alastair Blenkin, founder and CEO of ProcurePro, said the company’s next stage is putting its data to work as part of a new AI roadmap.
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“After years of supporting procurement across thousands of projects, we now have a rich foundation of real-world procurement data,” he said.
“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.”
ProcurePro sells software to head contractors that pulls the full procurement lifecycle into one platform.
Scheduling, tendering, bid analysis, subcontracting are all brought together to replace a tangle of spreadsheets, email chains and disconnected Word documents.
According to ProcurePro, around 80% of a project’s costs are locked in at the procurement stage, well before anyone breaks ground.
QIC Ventures Investment Director Nick Capell said there is great opportunity “upstream of construction”.
“It’s a globally relevant problem that remains unsolved,” he said.
“With Queensland delivering a once-in-a-generation infrastructure programme ahead of the 2032 Olympics, innovations that improve construction productivity are critical.”
For QIC Ventures, the cheque extends a run of Queensland-grown enterprise SaaS backing — recent deals include council booking platform Attekus and fleet analytics startup Fleetyr.
ProcurePro was founded in Brisbane and raised a $2.6 million seed round in 2022 before following with a $6.15 million Series A in early 2024.
AirTree backed the external round with Aconex co-founder Leigh Jasper backing it through his earlier fund, Saniel Ventures.
Jasper has since gone on to set up Glitch Capital, the $50 million ANZ “founders fund” that also participated in this round.
Now with Bouygues writing a cheque on a product it’s already using, there’s important signs of maturity.
Marie-Luce Godinot, Bouygues Group’s senior vice-president for innovation, sustainability and IT, said ProcurePro helps provide “greater control to the full procurement journey for contractors”.
“[The product] has been deployed successfully on some Bouygues projects, with usage progressively developing across several business units.”
