Who owns Procore? Ownership structure explained (2026)

Procore makes the software that general contractors, specialty contractors, and building owners use to run construction projects. Drawings, change orders, budgets, safety checks, and payments all flow through one platform. It is one of the few construction software companies to reach public-market scale, and its revenue passed $1.3 billion in 2025.

Its ownership tells a story of transition. For most of its life Procore was a founder-led company backed by one dominant venture investor, ICONIQ, which owned more than a third of the business at the IPO. That picture has changed. ICONIQ has sold down, index funds have moved in, and in 2025 the founder handed the CEO job to an outside operator. The shareholder base now looks like a typical mid-cap software company, with one venture firm still holding an unusually large block.

This article explains who owns Procore today, how that ownership formed, and why it matters for the company and its customers.

Procore was founded in 2002 by Craig "Tooey" Courtemanche. According to the company's IPO prospectus, he started it to fix the frustrations he ran into while building his own home. The company was incorporated in California in January 2002 as Butterfly Lane, Inc., renamed Procore Technologies in May 2002, and reincorporated in Delaware in June 2014. It is headquartered in Carpinteria, California.

The product is a cloud platform that connects everyone on a construction project. It covers project management, quality and safety, design coordination, financial management, and payments through its Procore Pay product. According to its IPO prospectus, Procore prices subscriptions on the products a customer buys and the annual construction volume it runs through the platform, with no per-user fee. Adding more subcontractors and owners to a project does not raise the bill, and that pricing is central to its network effect.

Procore reported revenue of $1.323 billion in 2025, up 15% from the prior year. In the second quarter of 2026, revenue rose 16% to $375 million and the company posted a 1% GAAP operating margin. It guides for 2026 revenue of $1.510 billion to $1.514 billion. In September 2026 it closed its largest acquisition, buying drone and robotics software company DroneDeploy for about $845 million in cash. At about $49.50 per share on September 24, 2026, with roughly 152 million shares outstanding, Procore was worth about $7.5 billion.

Procore is an independent, publicly traded company. It listed on the NYSE on May 20, 2021, and no corporation or controlling shareholder sits above it. Its stock is widely held by institutions, a venture firm, and insiders. No single holder owns more than about 10% of the shares on its own, and the company's 2026 proxy statement describes a structure with no dual-class voting: one share, one vote.

Tooey Courtemanche beneficially owned 6,024,423 shares as of March 31, 2026, or 4.0% of the company, according to the 2026 proxy. The holding is spread across shares he owns directly, a family trust he shares with his wife, two irrevocable trusts, and about 951,000 shares he can acquire through options and equity awards. At the late-September 2026 share price, the stake was worth roughly $300 million.

His stake was 5.9% before the IPO, so it has come down over time through dilution and estate planning. The proxy also discloses that 563,350 of his shares are pledged as collateral for a personal loan with Citibank, an arrangement the board reviews. What is not disclosed is any plan for future sales.

The table below shows the largest disclosed holders from the 2026 proxy statement, based on 150.7 million shares outstanding as of March 31, 2026. Institutional figures come from 13G filings with different dates, so treat them as snapshots.

The insider total is high because it includes the ICONIQ shares, which are attributed to director William Griffith IV as an equity holder in ICONIQ's general partners. Griffith's own beneficial ownership is listed at 11.9% once his personal family trusts are added.

Procore raised its private capital in a series of growth rounds before going public. The figures below come from company press releases, the IPO prospectus, and contemporary reporting. The table shows the main disclosed rounds, not every raise: Crunchbase News put Procore's total private funding at $304 million after the 2018 round. A reported 2019 round could not be confirmed in a primary source and is left out.

The 2020 round came after Procore filed for an IPO in February 2020. Crunchbase News reported that it put the listing off in favor of the private raise, and it went public about 15 months later.

ICONIQ is the defining investor in Procore's history. It led the 2015 and 2016 rounds, and by the IPO its funds held 46.9 million shares, or 36.6% of the company after the offering, according to the prospectus. That stake has since fallen to 14.6 million shares, or 9.7%. ICONIQ partner William Griffith has sat on Procore's board since 2015, which gives the firm a direct voice in governance that index funds do not have.

Bessemer Venture Partners was the first major institutional backer, leading a $15 million round in 2014. It owned 13.0% of Procore after the IPO. It no longer appears among the 5% holders in the 2026 proxy, which suggests it has sold or distributed most of its position.

Tiger Global Management led the 2018 round at a $3 billion valuation and held 7.2% after the IPO, while D1 Capital Partners held 5.2%. Neither appears among the 5% holders today.

The Vanguard Group is listed at 7.3% in the proxy, based on a 13G filed in November 2024, mostly through index funds. Treat that figure with care: in March 2026 Vanguard filed an amendment reporting no beneficial ownership after an internal realignment that moved reporting to its separate subsidiaries and divisions. AllianceBernstein reported 6.5% in May 2026, then cut that to 3.4% by August. Morgan Stanley reported 6.3% in a November 2025 filing, with shared voting and dispositive power over its shares. Both positions reflect Procore's place in public-market portfolios rather than a strategic stake.

In November 2025, the board authorized a stock buyback of up to $300 million, and Procore spent $100 million buying back about 1.8 million shares in the first half of 2026. Buybacks shrink the share count over time, which slightly raises the ownership percentage of every holder who does not sell.

The pull runs the other way too. In August 2026, while the DroneDeploy deal was pending, Procore sold $950 million of 0% convertible notes due 2031. At the initial conversion price of about $82.89, the notes could convert into roughly 11.5 million shares, though Procore also bought capped calls designed to reduce that dilution.

Ajei Gopal is president and CEO. He was named CEO Designate in September 2025, joined the board that month, and took over as CEO in November 2025. From 2017 to July 2025 he ran Ansys, the engineering simulation software company. Earlier he held senior roles at Silver Lake, HP Software, CA Technologies, Symantec, and IBM.

Tooey Courtemanche is chair of the board. He has been a director since January 2002 and resigned as president and CEO on November 10, 2025, when Gopal took over. Leaving aside the ICONIQ fund shares attributed to Griffith, he is the largest individual shareholder on the board.

Gopal has brought in his own team from Ansys. Rachel Pyles, formerly Ansys's CFO, became Procore's chief financial officer on April 1, 2026, replacing Howard Fu. Walt Hearn, who spent 18 years at Ansys and led its worldwide sales, became chief revenue officer the same day, replacing Larry Stack. Steven Davis is president of product and technology, and Benjamin Singer is chief legal officer.

The 2026 proxy listed eleven directors, nine of them independent. Erin Chapple resigned on June 30, 2026, and the board shrank to ten, eight of them independent. Graham Smith, a former Salesforce CFO and interim CEO of Splunk, is lead independent director and chairs the audit committee. The independent directors include ICONIQ's William Griffith IV and Kevin O'Connor, a former DoubleClick CEO and partner at ScOp Venture Capital who has been on the board since 2004. The board is classified, with directors serving staggered three-year terms. That structure makes it harder for an outside investor to replace the whole board in one vote.

On October 25, 2024, Oracle sued Procore, one of its affiliates, and a former Oracle employee then working at Procore in federal court in Northern California. Oracle alleges the employee, who had worked on its Textura construction payments business, took confidential documents that Procore then used to build Procore Pay. Procore disputes the claims. As of its second-quarter 2026 filing, discovery had closed and the case was in the pre-trial phase, with Oracle seeking an injunction and damages. On August 21, 2026, Judge Jon Tigar granted Procore's motion for summary judgment in part and denied it in part, according to the court docket, so part of Oracle's case survives. Procore says it cannot estimate any potential loss. The dispute pits Procore against a far larger rival, and Oracle's founder-heavy ownership is a sharp contrast to Procore's widely held register.

Handing the company from its founder to an outside CEO, then replacing the CFO and CRO within months, is a large change for any software business. The market has been cautious. Procore's market value fell from about $11.0 billion at the end of 2025 to about $7.5 billion in late September 2026, a drop of about 32% in the share price. Investors weighing whether the reset is priced correctly can test the numbers with a business valuation calculator.

Procore's filings name Oracle, Autodesk, and Trimble as its main rivals in construction management, each built partly through acquisitions. Autodesk is the rival closest in shape to Procore, and how Autodesk is owned offers a useful comparison for a construction software company with a widely held register. Artificial intelligence adds a new risk. Some investors fear AI agents could weaken the value of traditional workflow software. Procore's answer so far is to build AI into the platform, including through the $168 million Datagrid acquisition. Mapping those threats with a competitive analysis template shows how crowded the field has become.

The pledge of 563,350 of Courtemanche's shares to secure a personal loan is small relative to Procore's size, about 0.4% of shares outstanding. Pledges still draw scrutiny because a forced sale in a falling market can add selling pressure. Procore's board oversees the arrangement, and it is the kind of item a governance-focused risk register template would track.

Procore's ownership has moved from concentrated to dispersed. At the IPO, ICONIQ and the founder together controlled more than 40% of the stock, and management reported to a board shaped by its early backers. Today no holder owns more than about 12% even under the broadest SEC attribution, and the three largest outside holders together own under a quarter of the company. That shift makes Procore more exposed to ordinary public-market pressure, where quarterly results and margins carry more weight than long-term venture patience.

The CEO change is the clearest sign of that pressure. Bringing in Gopal, who ran a profitable, acquisitive software company at Ansys, and then his former CFO and head of sales, points to a new focus on profit. The 2027 target of a 25% non-GAAP operating margin, up from 18.5% to 19% guided for 2026, is the benchmark shareholders will hold the new team to.

ICONIQ's remaining 9.7% stake and board seat still matter. A long-term backer with a director on the board provides continuity through the leadership change, and the classified board makes any activist campaign slower. At the same time, ICONIQ's shrinking position means its influence is fading, and the index funds now near the top of the register will vote with the board in most cases.

For customers, the structure is reassuring. Procore is independent, cash generative, and not controlled by a private equity owner that might strip costs or a strategic parent that might steer the roadmap. The main open questions are the Oracle case, the integration of DroneDeploy, and whether the new management team can grow margins without slowing the product investment contractors rely on.

Procore is a public company with no parent, so it is owned by its shareholders. The largest disclosed holders are ICONIQ Strategic Partners with 9.7%, The Vanguard Group with 7.3%, and Morgan Stanley with 6.3%, according to the 2026 proxy statement. Founder Tooey Courtemanche owns 4.0%.

Ajei Gopal has been president and CEO since November 2025. He previously ran Ansys from 2017 to 2025. Founder Tooey Courtemanche, the previous CEO, is chair of the board.

Yes. Procore trades on the New York Stock Exchange under the ticker PCOR. It went public on May 20, 2021, selling shares at $67 each and raising $634.5 million.

Craig "Tooey" Courtemanche founded Procore in 2002 in California after struggling to manage the construction of his own home. He led the company as CEO until November 2025 and remains chair.

ICONIQ is the largest, followed by Vanguard and Morgan Stanley. Directors and executive officers as a group own 16.8%, a figure that includes the ICONIQ shares attributed to board member William Griffith IV.

Procore was valued at more than $1 billion in 2016, $3 billion in 2018, and about $5 billion in 2020 as a private company. It priced its 2021 IPO at a valuation of roughly $8.6 billion. The market value stood at about $11.0 billion at the end of 2025 and about $7.5 billion on September 24, 2026.