Procore Technologies has reached unicorn status after raising another $50 million. The company is now valued at more than $1 billion, more than double its $500 million valuation a year ago.
Carpinteria, California-based Procore provides cloud-based project management tools for contractors. The $50 million fundraise, led by Iconiq Capital, which had invested previously, brings Procore’s total funding to $179 million.
Procore sells a cloud-based construction management program that helps contractors keep track of projects – from drawings and spec books to overseeing contracts – and reduce errors and cost overruns.
