Specialist procurement software is continuing to attract investor attention, with construction-focused platform ProcurePro securing a $15 million capital raise to expand its AI capabilities and international footprint.
The Brisbane-founded company said the funding round was led by QIC Ventures – one of Australia’s largest sovereign wealth funds and a major infrastructure asset owner – and now values the business at more than $100 million.
Existing investors Airtree and Glitch Capital also participated, alongside global construction group Bouygues via its venture capital partners ISAI.
ProcurePro positions itself as the first end-to-end procurement platform purpose-built for construction contractors, targeting an industry where procurement is still frequently managed through spreadsheets, email chains and disconnected workflows.
Founder and CEO Alastair Blenkin said the lack of true oversight delays risk identification and ultimately erodes margins.
“We built ProcurePro to bring structure, control and certainty to the commercial cockpit of construction firms,” he said.
“What makes this round even more powerful is the data. After years of supporting procurement across thousands of projects, we now have a rich foundation of real-world procurement intelligence.
“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.”
The company’s growth reflects broader demand for software tailored to the operational realities of specific industries.
In ProcurePro’s case, it has now been deployed across more than 6,000 construction projects globally, representing over $90 billion in construction value and more than 200,000 trade packages.
The latest capital raise will fund continued investment across product, engineering and go-to-market teams, with hiring focused on the United Kingdom, the Middle East and North America.
QIC Ventures Investment Director Nick Capell described procurement as a major but underdeveloped control point within construction.
“Procurement sits upstream of construction spend yet remains highly manual and weakly governed,” he said.
“It’s a globally relevant problem that remains unsolved. With Queensland delivering a once-in-a-generation infrastructure program ahead of the 2032 Olympics, innovations that improve construction productivity are critical.”
