Since the start of the year, the world around us and the construction industry have changed in significant ways. We find ourselves in the midst of a global pandemic and a recession, with industry stakeholders navigating a new reality.
From the beginning, Procore’s mission has been to connect everyone in construction on a global platform. We recognize that our role in being a great partner to you, and in advancing the industry together, is more relevant than ever. So we’re doubling down on our mission. I wrote this blog post to give you an understanding of the new ways we are doing this.
Always Listening to our Customers and Partners
For 18 years, we’ve heard our customers and partners loud and clear — you need a connected construction management platform for all project stakeholders. That remains our north star. This year, as always, we’ve spent considerable time listening to you, and your invaluable input has helped shape our long-term strategy.
Over the past few months, we’ve looked at our business through both a telescope and a microscope. By looking through a telescope into a more digitized future, we’ve created the strongest and clearest long-term strategies Procore has ever had. At the same time, we have put every aspect of our current operations “under the microscope,” identifying areas where we can become more efficient and effective at scale.
Accelerated Digitization in Construction
COVID-19 has clearly led to greater digitization in the construction industry, and we’re seeing this in our business. New customers are adopting Procore as job sites come back online, and prospective customers understand the value of Procore's connected platform and partner integrations. This accelerating landscape is compelling us to innovate faster as we reimagine construction.
One example is our investment in artificial intelligence (AI) capabilities. Earlier this year, we acquired Avata Intelligence, an AI and machine learning firm, and brought world-class AI talent into Procore. We’ve since introduced AI across several products. Our initial success has convinced us that we’re at the earliest point of our journey into a world of improvements and better construction processes enabled by AI.
Series I Funding
From a financial standpoint, Procore’s ability to support the construction industry has never been stronger. We recently closed over $160 million in additional capital, in an extension of our Series I financing, and our cash position is strong. This funding has given us the ability to further invest in product development and other strategic initiatives, as we continue to hire top technical talent and assess new market opportunities.
Serving you Better through our Business Transformation
Today, we are implementing a business transformation to further strengthen our focus on certain areas of strategic opportunity, and to position Procore for long-term success. Specifically, we will be investing even more in our R&D organization. We are also transforming our business to better serve large, global construction stakeholders, and are streamlining how we support smaller contractors to improve their customer experience.
We are growing our investment in international markets, and we’ll be entering new markets on a faster timetable. We’re increasing our focus on partnerships, to extend our position as the leading construction marketplace and ecosystem. And we are making other changes to achieve greater operational efficiency and effectiveness as we scale our global business.
Openness, Optimism, and Ownership
We approached today’s business transformation with three principles rooted in our values of Openness, Optimism, and Ownership:
- Remaining a people-first company,
- Setting up Procore for future success, and
- Prioritizing our most important work.
Aligning to our new strategy means that many of our teams will grow, and Procore as a company will continue to grow. At the same time, a single-digit percentage of the roles at Procore are being eliminated today. We are putting people at the center throughout our business transformation. We are supporting departing Procorians with comprehensive severance packages that include generous pay, continued medical, dental and vision coverage through year-end, outplacement services, computer equipment, and a Procore alumni networking service. As Procore says goodbye to teammates today, I’m truly grateful for their contributions and wish them the best. They will always be a part of Procore’s story and community.
I’ve never been more confident about Procore’s future, and I hope you are too. On behalf of everyone at Procore: We remain committed to continuing to be great partners to you and your business. Let’s build a better future together.
A note to recruiters: If you are currently recruiting, you can contact our Talent Acquisition Team at email@example.com to learn more about Procore’s departing employees who may be great candidates for your current openings.