QIC Ventures leads the way for ProcurePro’s $11mn round

One of Australia’s largest sovereign wealth funds and infrastructure asset owner QIC Ventures has led the USD 11mn round for ProcurePro, an AI-powered end-to-end construction procurement platform. Existing investors Airtree and Glitch Capital participated in the round alongside Bouygues (through its VC fund managed by ISAI).

The company will use the funds to accelerate its construction-focused AI product suite, as well as expand from its home market of Australia and into the United Kingdom, the Middle East and North America.

According to ProcurePro, construction is a USD 13tn global industry that is one of the least profitable and operates on slim margins of between 1-4%, with commercial outcomes being determined before a project breaks ground. Moreover, 80% of costs are already committed at the procurement stage and this process is managed through fragmented spreadsheets, email chains and disconnected documents – issues that ProcurePro seeks to solve.