Last year, Procore’s total revenue rose 40% to $720 million. For 2023, the consensus revenue estimate of $924 million represents growth of 28.3%.
Procore generates 55% of its total annual recurring revenue from enterprise customers, while mid-market customers represent 30% and SMBs make up the remaining 15%. General contractors account for 61% of total ARR. Over the past several years, Procore has significantly increased the number of solutions offered on the platform, which has led to broader customer deployments. Today, about 44% of all customers have signed up for four or more products, with this group driving 70% of total ARR.
The company’s 2020 acquisition of Esticom, a provider of a cloud-based estimating and takeoff solution, enhanced Procore’s pre-construction products, which help with project planning and budgeting. In 2021, Procore spent $500 million to acquire Levelset, a provider of a lien rights management solution used by more than 3,300 customers. With lien rights management added to the platform, Procore can now manage complex compliance workflows and improve the payments process in construction.