Procore expands into Middle East and North Africa
Procore Technologies, a Carpinteria-based company that provides software to the construction industry, announced an expansion into the Middle East and North Africa on July 6.
The effort will be undertaken in partnership with Mubadala Investment Company, a sovereign investor for the government of Abu Dhabi that owns shares in Procore.
“The construction sector in the Middle East is ripe for disruption as it remains largely undigitized,” Ibrahim Ajami, the head of ventures and growth at Mubadala, said in a news release. “Procore’s platform is a game changer, and we are excited to support them on their mission to connect everyone in construction on a global platform, bringing significant efficiencies to the industry across the region.”
Procore has appointed Mohamed Swidan to head the new Middle East and North Africa operation. Swidan has been an executive for Uber and for SAP in the Middle East and Africa.
Procore is the tri-county region’s newest publicly traded company, after an initial public offering in May that raised $635 million. Revenue topped $400 million in 2020, up from $289 million in 2019. The company has yet to turn a profit, though its net loss dropped 26% from the first quarter of 2020 to the first quarter of 2021, to $14 million.