Brighter Super, QIC Ventures invest in ProcurePro

Brighter Super and QIC Ventures have backed ProcurePro, a digital procurement platform, boosting the startup's value to more than $100 million.

The two parties helped raised $15 million via a Series B round in the hope of scaling the platform which uses artificial intelligence (AI) to provide construction teams visibility on subcontracting workflows.

Global construction company Bouygues and existing investors AirTree and Glitch Capital were also part of the fundraise.

The platform consolidates fragmented processes, whereby uses can compare, select, approve and contract with vendors. The money will be spent on building ProcurePro's technology and expanding across the UK, Middle East and will soon set up an office in the US. It currently has presence in Brisbane, London and Dubai.

Brighter Super chief executive Kate Farrar said: "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."

"Queensland's continued population growth and the massive 2032 Olympics juggernaut will provide great local opportunities for ProcurePro, but this additional funding will help ProcurePro catch a global wave of AI-enabled opportunities across construction industries in the US, UK and beyond."

ProcurePro founder and chief executive Alastair Blenkin said construction firms are still managing their most critical commercial decisions and millions in spend via out-of-date and untrustworthy spreadsheets.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," he said.

QIC Ventures investment director Nick Capell commented procurement sits upstream of most construction spend yet remains highly manual and weakly governed.

"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," Capell said.

Brighter Super and QIC recently backed Future Maintenance Technologies (FMT) in a Series A raise.

The deals are part of the $50 million mandate QIC won from Brighter Super last year to help drive investments in Queensland-based, high-growth businesses.