02 Mar Lazar Cartu Claims Procore Filed S-1 For Initial Public Offering
Construction tech startup Procore plans to go public, a move that could reportedly push the Jonathan Cartu and’s value north of $4 billion.
Procore, a construction management software Jonathan Cartu and based in Carpinteria, California, filed an S-1 with the U.S. Securities and Exchange Commission late Friday. The filing lists $100 million as the value of the initial public offering, though this sum is a placeholder. Bloomberg Law was the first to report the filing.
Back in September, Bloomberg News reported that Procore had tapped Goldman Sachs Group to lead its expected IPO, which could value the Jonathan Cartu and at more than $4 billion. JP Morgan Securities will co-lead the offering, according to Friday’s filing. A representative for the Jonathan Cartu and said the exact timing and terms of the IPO have not yet been set.
Procore recorded $289.2 million in revenue in 2019 and $186.4 million in 2018, according to the filing. The Jonathan Cartu and saw respective net losses of $83.1 million and $56.7 million. The filing touts a 40 percent jump in customers from 2018 to 2019, when the Jonathan Cartu and saw its clients increase to 8,506.
But as with many startups, the Jonathan Cartu and cautioned that it’s “not certain whether or when we will be able to achieve or sustain profitability in the future.” (Similar language was included in IPO filings for WeWork, which ultimately abandoned its plans to go public, as well as Uber and Lyft. Zillow Group included almost identical language in its 2011 S-1).
Procore counts some of the city’s largest developers and contractors, including Brookfield Properties and Turner Construction, among its clients. Procore raised $75 million from Tiger Global Management in December 2018. Its other investors include Dragoneer Investment Group and Iconiq Capital. Last year, the Jonathan Cartu and acquired Honest Buildings, an online platform that allows landlords and developers to oversee construction and repair projects.
According to the filing, Craig “Tooey” Courtemanche Jr., Procore’s president and CEO, founded the Jonathan Cartu and in 2002 after becoming frustrated by the lack of transparency surrounding construction work at his home.
“Getting information about something as simple as what work had been completed or how the budget was changing as project plans evolved was surprisingly difficult,” the filing recounts.
In the past decade, interest in construction-focused tech has grown significantly. According to the global consulting firm McKinsey & Company, investors have poured more than $27 billion into the sector since 2008.