Australia’s ProcurePro bags $15M Series B funding led by QIC Ventures
Synopsis
ProcurePro has raised $15 million in Series B funding led by QIC Ventures to scale its construction procurement software. The platform is used across thousands of projects managing subcontractor and supplier workflows, as construction firms continue facing cost pressure and reliance on manual procurement systems globally.
ProcurePro secured $15 million funding for construction procurement software expansion, targeting manual workflow replacement, cost control improvements, and international scaling across large infrastructure and commercial projects.
Key Highlights
- ProcurePro raised $15 million in Series B funding led by QIC Ventures
- Company operates procurement software used across 6,000 construction projects
- Platform represents over $90 billion in managed construction value
- Around 100 hires planned across engineering and product teams
Construction procurement software provider ProcurePro has raised $15 million in a Series B round led by QIC Ventures. Existing backers AirTree, Glitch Capital and ISAI-backed Bouygues also participated in the round.
The company is valued at more than $80 million following the latest investment, according to figures shared alongside the announcement. ProcurePro was founded by Alastair Blenkin and is based in Brisbane.
The platform is used by construction contractors to manage subcontractor tenders, supplier onboarding and contract approvals through a single digital system, replacing manual spreadsheets and email-based workflows.
Procurement Systems Under Pressure in Construction
Construction procurement software is gaining attention as procurement costs continue to dominate project budgets. Industry data cited by ProcurePro indicates procurement can account for nearly 80% of total project spending before construction begins.
The global construction sector is valued at about $13 trillion, according to industry estimates referenced in company disclosures. Despite its size, procurement processes across many firms remain largely manual and fragmented.
ProcurePro said its platform has been deployed across more than 6,000 construction projects, representing over US$90 billion in construction value. The software is currently used across multiple international markets, including major infrastructure and commercial building projects.
Expansion, Hiring and Product Focus
The company plans to expand its engineering and product teams, with around 100 new hires expected over the next two years. The hiring push will support the development of procurement tools focused on cost visibility and subcontractor management.
ProcurePro is also expanding its international operations, including work across the United Kingdom, the Middle East and North America, while strengthening its presence in established markets.
Earlier expansion efforts included a funding round of $6.15 million in 2024, which supported product development and early international growth.
FAQs
Q1. What does ProcurePro do in construction procurement software?
ProcurePro provides construction procurement software that helps contractors manage subcontractor tenders, supplier approvals, and contract workflows in a digital system.
Q2. How much funding did ProcurePro recently raise?
ProcurePro raised $15 million in a Series B funding round led by QIC Ventures, with participation from existing investors including AirTree and Glitch Capital.
Q3. Where is ProcurePro’s construction procurement software being used?
ProcurePro’s construction procurement software is used across more than 6,000 projects globally, supporting large-scale building and infrastructure work.
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Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
