Construction contracting tech startup ProcurePro has raised $2.6 million in a seed round.
The funding round included several local construction industry executives, including Geoff Tarrant, co-founder of construction progressive payments fintech Payapps, as well as several Australian and US-based investors. It will be used to accelerate Australian and international growth plans.
Founder and CEO Alastair Blenkin launched ProcurePro in Brisbane in 2020, in response to his experiences from dealing with complex, enterprise contracting environments where reaching agreement is slow and costly. The platform helps contractors overcome the complexity of contract management, which is still predominantly manual, using Word, Excel, and email, and, with execution determined by the skills and competency of the people involved.
Blenkin said the software as a service (SaaS) solution allows construction firms to digitally transform their contract management, so the company can compare, select, approve and contract with subcontractors on the one platform.
“The ProcurePro platform overcomes the complexities of subcontractor procurement, which can be highly-manual, time-consuming and expensive,” he said.
“It keeps all of the information related to subcontractor agreements, scopes of work, scheduling and procurement milestones in one place, helping construction firms easily keep track of the status of subcontracted work related to a project. This improves staff experience and retention with less time spent completing paperwork and more time focussing on the delivery and quality of the project.”
His focus is now on taking the tech platform offshore in the huge international construction industry
“Together with our Australian and international investors, we’re excited about taking ProcurePro from Australia into much larger global markets, where the same problems exist,” he said.
Blenkin launched the ProcurePro platform in April this year and it’s already been used on more than 50 construction projects.
One of those users is Alison Mirams, CEO of Roberts Co., who said ProcurePro has made a lot easier for their project teams.
“Since launching Roberts Co, innovation and technology has played a significant role in our business efficiency and growth,” she said.
“Importantly, it allows us to create the most streamline processes for our teams which gives our people time for their personal lives.”