"Construction is an industry worth $13 trillion globally, yet it remains one of the least profitable on earth. Margins of between 1 and 4 per cent are the norm, and the commercial fate of most projects is sealed long before a single foundation is poured. That uncomfortable truth has just attracted serious capital."
"By the time a contractor breaks ground, roughly 80 per cent of project costs have already been committed and the bulk of supply chain risk is baked in. Yet across the sector, that critical procurement stage is still largely run on a patchwork of spreadsheets, email threads and disconnected PDFs - a state of affairs that would be unrecognisable in almost any other industry handling sums of comparable size."
"ProcurePro's response is to pull the full procurement lifecycle, scheduling, tendering, bid analysis and subcontracting, into a single system designed to give commercial teams genuine oversight before pen hits paper. Over the past six years, the platform has been used on 6,000 construction projects worldwide, representing more than $90 billion in build value, and has handled in excess of 200,000 trade"
Construction is a $13 trillion global industry with typical profit margins of 1 to 4 percent. Many projects are effectively decided commercially before any foundation is poured because most costs and supply chain risks are committed early. ProcurePro, an Australian software company, raised $11 million to build an end-to-end procurement platform for construction. The funding was led by QIC Ventures, with participation from Airtree, Glitch Capital, and Bouygues via ISAI. The capital will support an AI roadmap and expansion into the United Kingdom, the Middle East, and North America. The platform centralizes procurement lifecycle activities such as scheduling, tendering, bid analysis, and subcontracting to provide oversight for commercial teams. It has been used on 6,000 projects worldwide with more than $90 billion in build value.
Read at Business Matters
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