In May, Procore Technologies launched its IPO and the shares jumped by 31%. The company, which operates a leading cloud-based platform to manage construction projects, has over 800 customers and the ARR (Annual Recurring Revenue) is more than $400 million.
But if you look closely, there are some interesting details about the construction industry. For example, the investment in technologies has generally lagged and the levels are only more than for agriculture and hunting.
Yet things are starting to change. One of the biggest catalysts has been the impact of the COVID-19 pandemic, which has meant much more urgency for adopting digital solutions.
But COVID-19 is just one of the factors. Some of the others include the increase in infrastructure investments from governments, the chronic labor shortages, the need for sustainable solutions, and supply-chain disruptions.
