Backed by QIC Ventures, Airtree, and ISAI, the Brisbane-founded company will expand its AI product suite, scale internationally, and grow its team across key global markets.
LONDON, BRISBANE, Australia and DUBAI, UAE, May 11, 2026 /PRNewswire/ — ProcurePro, the first end-to-end construction procurement platform, has secured US$11 million in a funding round led by QIC Ventures – one of Australia’s largest sovereign wealth funds and a major infrastructure asset owner. The round values the company at more than US$80 million.
Existing venture investors Airtree and Glitch Capital participated, together with global construction giants Bouygues (via its VC fund managed by ISAI).
The funding will be used to accelerate ProcurePro’s construction-focused AI product suite, whilst supporting expansion across the United Kingdom, the Middle East and North America.
Construction is a US$13 trillion global industry, and one of the least profitable, operating on slim margins of just 1 to 4 per cent. Commercial outcomes are determined long before a project breaks ground. At the procurement stage, 80% of costs are already committed, and supply chain risk is locked in. Yet across the industry, this process is still managed through fragmented spreadsheets, email chains, and disconnected documents.
ProcurePro built the first construction-specific procurement platform to change that. Its platform brings the full procurement lifecycle into one system – from scheduling and tendering through to bid analysis and subcontracting, giving contractors control, visibility, and certainty before contracts are signed.
Over the past six years, ProcurePro has been deployed across 6,000 construction projects globally, worth more than $90 billion in construction value. The platform has processed more than 200,000 trade packages, creating a uniquely deep dataset of real-world procurement activity, pricing and supply chain behaviour.
That dataset now underpins ProcurePro’s AI product roadmap, including BidLevel AI, the company’s flagship intelligence tool for comparing complex subcontractor quotes. A process that traditionally takes commercial teams days, and sometimes weeks, can now be completed in minutes.
Alastair Blenkin, Founder and CEO of ProcurePro, said the raise marks the next stage of the company’s global growth.
“Construction firms are still managing their most critical commercial decisions and millions in spend via out-of-date and untrustworthy spreadsheets. 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.”
QIC Ventures Investment Director Nick Capell said ProcurePro represents a compelling opportunity to back a category-defining platform at a critical control point within construction.
“Procurement sits upstream of construction spend yet remains highly manual and weakly governed. It’s a globally relevant problem that remains unsolved. With Queensland delivering a once-in-a-generation infrastructure programme ahead of the 2032 Olympics, innovations that improve construction productivity are critical,” Mr Capell said.
Marie-Luce Godinot, Bouygues Group’s Senior Vice-President, Innovation, Sustainability and IT added, ” ProcurePro is one of the first technologies we have seen that brings greater control to the full procurement journey for contractors. It has been deployed successfully on some Bouygues projects, with usage progressively developing across several business units”
To support this growth, ProcurePro will hire 100 employees globally over the next 24 months across product, engineering, and go-to-market teams. The company is establishing its first US presence while scaling existing offices in Brisbane, London and Dubai.
About ProcurePro
ProcurePro is the first end-to-end procurement platform, designed to bring control and deliver commercial certainty to the construction industry. By digitising the full procurement lifecycle, from scheduling to subcontracting, ProcurePro replaces fragmented workflows with an AI-powered procurement control centre – enabling contractors to lock in project margins and eliminate financial risk before contracts are signed. The platform has been deployed across more than 6,000 projects globally, representing over $90 billion USD in construction value. Launched in Brisbane, Australia, the company now operates across the UK, Ireland, Middle East, and ANZ, with active expansion into North America.
About QIC
QIC is one of Australia’s largest institutional investment managers, wholly owned by the Queensland Government, with more than A$130 billion in assets under management. The fund invests on behalf of institutional clients including Brighter Super, one of Queensland’s leading industry superannuation funds.
Photo – https://mma.prnewswire.com/media/2975819/Alastair_Blenkin.jpg
Logo – https://mma.prnewswire.com/media/2522492/5960786/ProcurePro_Logo.jpg
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/procurepro-raises-11m-to-deliver-ai-powered-procurement-control-for-constructions-13-trillion-supply-chain-302766978.html
