Procore Files To Go Public
|Image by Marcus Bernales on Flickr, under CC BY 2.0 license|
Procore, a Carpinteria, California-based construction tech startup valued at $3 billion by investors, has filed to go public with the U.S. Securities and Exchange Commission (SEC), corroborating a previous report of the company having courted investment bank Goldman Sachs to arrange an initial public offering (IPO). Unsurprisingly, Goldman Sachs is a lead underwriter for Procore’s IPO, alongside investment banks J.P. Morgan, Barclays, and Jefferies.
Procore’s S-1 filing indicates $289 million in revenue and $83 million in losses for the full year ended December 31, 2019. This compares with $186 million in revenue and $56.7 million in losses in the previous year, and $112 million in revenue and $55.5 million in losses the year before that.
Sales and marketing account for the bulk of Procore’s business costs, with the company having spent $173 million in 2019, $113 million in 2018, and $78 million in 2017 on that area. Research and development also make up a significant part of the company’s expenses, amounting to more than its general and administrative costs in the past three years.
Procore’s filing also indicates more than 1.3 million users, more than 650 customers spending more than $100,000 annually, and more than 965,000 construction projects created on its platform.
As of the full year ended December 31, 2019, Procore, which had raised roughly $300 million in funding (Crunchbase data) in its nearly two decades of existence, had $118 million in cash and cash equivalents. The company currently employs nearly 2,000 people across offices in the U.S., Australia, Mexico, Canada, and England.