Honest-Buildings

Name: Honest-Buildings
Brand: Honest-Buildings
SKU: 6316ffd109fb84d1187f6c49
Rating: 3.6 (253 reviews)

Overview of Honest-Buildings Software Company

Honest Buildings, now a part of Procore, is a specialized project management platform designed for commercial real estate owners and managers. The platform is recognized for its data-driven approach, centralizing construction budget data, automating bidding processes, and standardizing reporting to enhance transparency and efficiency in project management. It serves as a collaborative, cloud-based system that replaces traditional paper-based methods, enabling real estate professionals to streamline their operations and make informed decisions. Honest Buildings is utilized by industry leaders such as Brookfield and Beacon Capital Partners to manage billions in project value, ensuring projects are completed on time and within budget. The platform also offers real-time insights and facilitates capital planning and construction management across various sectors including office, retail, and multifamily properties.

Founding and Growth

Procore was founded in 2002 by Craig "Tooey" Courtemanche in response to challenges he faced while managing the construction of his home. The company is headquartered in Carpinteria, California. Over the years, Procore has grown significantly, serving over 1.6 million users across more than 150 countries.

Funding and Valuation

Procore has raised significant funding over its history. Notable funding rounds include a $15 million investment led by Bessemer Venture Partners in 2014 and a $50 million round led by Iconiq Capital in 2016, which valued the company at $1 billion. In 2021, Procore went public with an IPO that raised $634.5 million, valuing the company at nearly $11 billion.

Product Offerings and Features

Procore offers a suite of tools that cover various stages of construction management:

Preconstruction: Includes prequalification and bid management tools.
Project Management: Offers project management, quality and safety management, design coordination, and Building Information Modeling (BIM).
Resource Management: Provides field productivity tracking and analysis.
Financial Management: Includes project financials, invoice management, and accounting integrations.

Acquisitions and Product Expansion

Procore has strategically acquired companies to expand its offerings. Notable acquisitions include Honest Buildings in 2019 for project management capabilities and Levelset in 2021 for lien rights management. These acquisitions have helped Procore enhance its platform and address key industry challenges like compliance workflows.

Company Culture and Values

Procore emphasizes a culture of openness, optimism, and ownership. It fosters inclusion through Employee Resource Groups (ERGs) and encourages community engagement through its Procore Cares volunteer program. The company prioritizes people-first values both internally among employees and externally with customers.

User Base and Community

Procore serves a diverse user base including general contractors, subcontractors, property owners, and public sector entities. The platform is used globally on over 1 million projects. Procore's user-centric approach includes unlimited user access plans to facilitate collaboration across all stakeholders involved in construction projects.

Honest-Buildings

Procore offers a suite of tools that cover various stages of construction management:

Recent advancements include AI-powered features such as Procore Copilot AI for project data integration with Microsoft Teams and AI Locations for automated project location management.

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