Who Owns Procore Company?

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Who Owns Procore Technologies?

Understanding Procore Technologies' ownership is key to grasping its strategic path and accountability. Its 2021 IPO marked a major shift, moving from private funding to public trading. Founded in 2002, Procore aimed to transform construction with its cloud-based management software.

Procore's platform connects various construction stakeholders, boosting efficiency and project results. The company has managed over 3 million projects globally, underscoring its significant reach.

As of August 21, 2025, Procore's market cap stood at approximately $9.67 billion. Institutional investors are the primary owners, holding about 94.87% of shares as of March 31, 2025. This structure highlights the significant influence of these large investment entities. A detailed Procore PESTEL Analysis can offer further insights into the external factors affecting the company.

Procore Technologies was established in 2002 by Craig 'Tooey' Courtemanche Jr., who envisioned a software solution to address the complex challenges within the construction industry. Courtemanche currently serves as the Founder, President, Chief Executive Officer, and Chairman of the Board. In its initial phase, the company secured approximately $2 million in funding from angel investors in 2004 to develop its cloud-based project management software.

Founding Vision Craig 'Tooey' Courtemanche Jr. founded Procore in 2002 with the goal of digitizing the construction industry. Early Funding The company received its first significant funding of around $2 million from angel investors in 2004. Key Early Hire Steve Zahm joined Procore as president in 2004, contributing significantly to its early development. Founder's Stake at IPO At the time of Procore's IPO in May 2021, Tooey Courtemanche held approximately 5.4% of the company's shares. Pre-IPO Investment Between 2007 and 2021, Procore secured nearly $500 million in funding from venture capital firms. Foundational Ownership Early investors and the founding team were instrumental in shaping Procore's initial ownership structure and growth trajectory.

While specific equity splits at the company's inception are not publicly detailed, the early venture capital firms that provided nearly $500 million in funding between 2007 and 2021 played a crucial role in Procore's growth. These early backers, alongside the founding team, established the groundwork for the company's expansion. Their initial investments and strategic guidance were vital in shaping Procore's foundational ownership and realizing the founders' vision for digital transformation in construction. Understanding Procore ownership involves recognizing the contributions of these early stakeholders. The company's journey reflects a common pattern in tech startups where founders and early investors share initial ownership, which then evolves with subsequent funding rounds and the eventual public offering. This evolution is key to understanding Procore company ownership.

Procore's Early Ownership Landscape

The initial ownership of Procore was a blend of founder equity and early angel investment, setting the stage for its future growth and eventual public offering.

• Founder: Craig 'Tooey' Courtemanche Jr.
• Early Angel Investment: Approximately $2 million in 2004.
• Key Early Executive: Steve Zahm joined as president in 2004.
• Founder's Stake at IPO: Around 5.4% for Courtemanche in May 2021.
• Venture Capital Funding: Nearly $500 million raised between 2007 and 2021.
• Procore is a publicly traded company, which impacts its current ownership structure.

The early ownership structure of Procore was significantly influenced by its founder, Craig 'Tooey' Courtemanche Jr., and the capital injected by angel investors and later venture capital firms. This early backing was essential for the development of its cloud-based project management software. As the company grew, its ownership structure evolved, culminating in its IPO in May 2021. At that point, Courtemanche held approximately 5.4% of the company's shares, indicating a dilution of his initial stake due to subsequent funding rounds. The substantial venture capital funding, totaling nearly $500 million before the IPO, signifies the trust and belief placed in Procore's potential by its investors. This history is fundamental to understanding Procore company ownership and the Procore investors involved in its journey. For a deeper dive into how the company generates revenue, explore the Revenue Streams & Business Model of Procore.

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Procore's ownership structure saw a significant shift with its Initial Public Offering (IPO) on May 20, 2021, on the New York Stock Exchange under the ticker 'PCOR'. This event transitioned the company from private to public, broadening its investor base and impacting its overall Procore company ownership.

As of March 31, 2025, institutional investors are the primary holders of Procore's shares, controlling approximately 94.87% of the company. Key among these Procore investors as of June 30, 2025, is ICONIQ Capital, LLC, with 20,667,121 shares, followed by The Vanguard Group, Inc., holding 11,634,923 shares, and BlackRock, Inc., with 6,328,962 shares. Before the IPO, ICONIQ Strategic Partners was the largest investor, holding 36.6% of the company, indicating its substantial early influence. Management and board members, representing insider ownership, hold about 3.28% as of March 31, 2025, while retail investors account for roughly 7.01%. This distribution highlights the typical ownership patterns of publicly traded companies, where institutional holdings often shape market stability and corporate governance.

Procore's Major Stakeholders

Institutional investors dominate Procore's shareholder base, reflecting broad market confidence. ICONIQ Capital remains a significant Procore investor.

• Institutional investors hold approximately 94.87% of shares (as of March 31, 2025).
• ICONIQ Capital, LLC is a major shareholder with 20,667,121 shares (as of June 30, 2025).
• The Vanguard Group, Inc. holds 11,634,923 shares.
• BlackRock, Inc. possesses 6,328,962 shares.
• Insider ownership stands at approximately 3.28% (as of March 31, 2025).

Understanding the Procore Technologies ownership structure is crucial for assessing its market position and future direction. The company's transition to a public entity has solidified its Procore stock ownership among major financial institutions, influencing its Growth Strategy of Procore and overall corporate strategy.

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The governance of Procore Technologies is overseen by its Board of Directors, a group that includes its founder and key executives, alongside independent members. Craig 'Tooey' Courtemanche Jr. holds significant positions as Founder, Chief Executive Officer, President, and Chairman of the Board, underscoring his integral role in the company's direction and oversight.

Procore's voting power generally operates on a one-share-one-vote basis, a standard practice for publicly traded entities. This structure means that the influence of major shareholders, such as ICONIQ Capital, is directly tied to the number of shares they hold. Transparency regarding ownership and management's stake is maintained through regular disclosures of insider trading activities via SEC filings. The company has experienced a stable governance period, with no significant proxy battles or activist investor campaigns reported recently, which is a positive indicator for Procore ownership stability.

Understanding Procore's Ownership Structure

Procore Technologies' ownership is a mix of founder, institutional, and public holdings. Understanding this structure is key to grasping the company's strategic direction and Procore company ownership dynamics.

• Founder influence through leadership roles.
• Significant stakes held by institutional investors like ICONIQ Capital.
• Public float ownership reflects market participation.
• Regular SEC filings provide insights into Procore stock ownership.
• The company's Marketing Strategy of Procore is influenced by its ownership.

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In recent years, Procore Technologies has experienced significant shifts in its ownership landscape, marked by a strong institutional presence and strategic leadership transitions. The company's ownership structure reflects its status as a mature, publicly traded entity.

Procore Technologies has seen substantial developments over the past three to five years, particularly concerning its ownership trends and strategic initiatives. Institutional investors continue to be the dominant force, holding approximately 94.87% of the company's shares as of March 31, 2025. This high level of institutional backing is indicative of a stable public company, with major investment firms like ICONIQ Capital, The Vanguard Group, and BlackRock being significant shareholders.

Leadership Evolution

Founder, President, and CEO Tooey Courtemanche announced on March 10, 2025, his intention to transition to Executive Chairman. A search for his successor is ongoing, signaling a planned leadership succession.

Capital Management Strategies

The company has a share repurchase program authorized up to $300 million by October 2025. As of Q1 2025, about $100 million had been used to repurchase 1.5 million shares.

Insider Transactions

Insider selling activity includes Tooey Courtemanche selling shares worth approximately $4.46 million in July 2024 and director Kevin J. O'Connor in August 2025, both under 10b5-1 plans.

Financial Performance and Growth

Procore reported $1.152 billion in revenue for 2024, a 21% year-over-year increase. For 2025, revenue is projected between $1.285 billion and $1.290 billion. Recent acquisitions and investments in AI are key to future growth, impacting Target Market of Procore and investor interest.

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