Procore – A Pure-Play Construction Tech Stock

If we had to guess the largest industry that was the furthest behind in technological advancement, we might say shipping. That’s because it’s an extremely fragmented operation, spanning 3,700 major ports and terminals worldwide. It’s also where startups like Flexport see a huge blue-ocean total addressable market (TAM) as they rush to capture as much of it as possible, all while trying to navigate barriers that created the technology gap in the first place. Another massive industry where things haven’t matured much for whatever reason is construction, the second most immature industry after agriculture.

According to McKinsey’s Industry Digitization Index, construction ranks second from last in digitization across all major sectors, ahead of only agriculture.

Credit: Procore S-1

Tomorrow’s smart cities need more sophisticated software tools for construction, and that’s where Procore sees a big opportunity.

About Procore Technologies Stock