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Construction procurement software company ProcurePro has raised $15 million in a Series B round led by QIC Ventures and Brighter Super as the company prepares to establish its first presence in the United States.
The round, which drew strategic backing from global construction giant Bouygues, also attracted support from existing investors AirTree Ventures and Glitch Capital.
The fresh capital will fund the acceleration of ProcurePro's artificial intelligence product suite and support expansion into the UK, Middle East and North America over the next 24 months, during which the company plans to hire 100 employees globally.
The raise comes just over a year after ProcurePro closed a $6.15 million Series A led by AirTree Ventures and Saniel Ventures, the fund of Aconex co-founder Leigh Jasper.
At that stage, the company reported 300 per cent year-on-year growth, more than 40 staff and deployment across more than 1,000 projects worth over $30 billion in construction value.
ProcurePro's platform has since scaled significantly. The company says it has now been deployed across 6,000 projects globally worth more than $120 billion in construction value, processing more than 200,000 trade packages for builders who use the software to manage subcontractor procurement.
“Construction firms are still managing their most critical commercial decisions and millions in spend via out-of-date and untrustworthy spreadsheets," says ProcurePro co-founder and CEO Alastair Blenkin.
"The lack of true oversight delays risk identification which ultimately erodes margins.
"We built ProcurePro to bring structure, control and certainty to the commercial cockpit of construction firms.
"What makes this even more powerful is the data. After years of supporting procurement across thousands of projects, we now have a rich foundation of real-world procurement data.
"This funding allows us to invest further in AI, where we’ll enable construction firms to estimate new project costs backed by their historical purchasing data, rather than someone’s estimate, memory, or a finger in the wind.”
The involvement of Bouygues, one of the world's largest construction groups, adds strategic weight to the Series B round.
Bouygues participated through ISAI, its corporate venture arm, which in April 2023 launched an €80 million ($130 million) construction-focused venture fund, ISAI Build Venture, dedicated to backing startups transforming the building industry.
QIC Ventures, the venture capital arm of Queensland Investment Corporation, led the round alongside Brighter Super, one of Australia's largest profit-to-member super funds managing more than $37 billion in assets as at 31 December 2025.
“Procurement sits upstream of most construction spend yet remains highly manual and weakly governed," says QIC Ventures investment director Nick Capell.
"It’s a globally relevant problem that remains unsolved.
“Alastair and the ProcurePro team are addressing this pain point head on by embedding directly into the workflow where cost, risk and compliance decisions are made.
“As one of the least tech enabled industries globally, construction’s move into an AI-enabled mode of working is limited by a lack of cohesive and available data sources.
"As ProcurePro scales, the proprietary data it captures will underpin intelligence within core procurement processes to deliver clear, measurable outcomes.”
For Brighter Super, the investment aligns with its Queensland investment strategy, under which the fund has committed $500 million to Queensland real assets.
CEO Kate Farrar says the deal reflects both the fund's commitment to backing Queensland-born companies and its appetite for global AI-enabled opportunities.
“Not only do its fundamentals stack up but, as part of our Queensland investment strategy, ProcurePro also supports jobs, strengthens local communities and aims to deliver long-term value for our members," says Farrar.
ProcurePro was founded in Brisbane and builds software that replaces the spreadsheet-driven procurement workflows still standard across much of the commercial construction industry.
The platform enables builders to scope, send and manage trade packages digitally, creating a structured data layer across every project that feeds into the company's AI tools.
The Series B represents a significant step up in the calibre of ProcurePro's investor base, bringing two of Australia's largest institutional capital allocators alongside multinational construction industry players.
ProcurePro says its immediate priorities include deepening its AI capabilities, expanding its existing offices in Brisbane, London and Dubai, and establishing a US office as it makes a dedicated push into North America for the first time.
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