Procore, a Carpinteria, Calif.-based provider of cloud construction software, raised $50m in venture capital funding.
The round was led by Iconiq Capital.
The company intends to use the funds to accelerate R&D investments, to expand its current product offering beyond its core project management suite, and grow internationally with the opening its first offices outside of the United States.
Led by Tooey Courtemanche, CEO, Procore provides cloud-based project management software for construction companies to have constant access to real time project information from anywhere, at any time, with any device, and increase project efficiency.
In 2016, the company added more than 500,000 new users, bringing the current number to 1.5 million users, and will end 2016 with more than 2,500 clients across 92 countries.
Procore has close to 700 employees in seven offices across the United States.