ProcurePro's Q1 2024 investor update highlights a successful $6.15m capital raise led by Airtree VC and Aconex Founders, with significant press coverage.
The company achieved a $3m Annual Recurring Revenue (ARR) milestone and saw a substantial increase in inbound leads and website traffic following the raise.
Alistair Blenkin, Founder and CEO of Procurepro told Sub11 :
"ProcurePro is on a mission to save 1 BILLION construction administration hours.
There's enormous opportunity to transform construction, one of the world's largest industries that impacts every human being, every day - it's the homes we live in, buildings we work in, schools we learn in, hospitals we heal and more.
We're proud to be building one of Australia's next iconic tech businesses having global impact."
The company has also shipped major product updates and was listed on the Builtworlds PreConstruction Top 50. Six new hires were made to strengthen the team.
Key outcomes from the customer conferences include two deals worth 65k ARR, creation of a pipeline worth approximately 500k ARR, and significant brand building and social media engagement.
ProcurePro's engagement with its community through customer conferences across three states has been a resounding success, closing deals and creating a robust pipeline for future growth. These events have not only facilitated direct sales but also enhanced brand visibility and product feedback.
On the product front, ProcurePro shipped major updates, including a Price Breakdown (beta), Project Team Dashboards, and more, further solidifying its position in the market. Recognition on the Builtworlds PreConstruction Top 50 List underscores their innovative edge.
Future hiring plans include roles in both Australia and the UK to support continued growth and expansion.