Brighter Super has backed Brisbane construction-focused AI company ProcurePro, hoping to capitalise on the city’s 2032 Olympics development.
The firm announced it had raised $15 million in Series B funding including an undisclosed sum from Brighter Super.
The funding will be used to accelerate ProcurePro’s construction-focused AI product suite, whilst supporting expansion across the United Kingdom, the Middle East and North America where it is establishing a presence for the first time.
Its technology has been deployed across 6,000 construction projects globally worth more than $120 billion in construction value while its flagship BidLevel AI intelligence tool is used to compare complex sub-contractor quotes.
Founded in 2020 to transition away from manual spreadsheets to a centralised end-to-end digital procurement journey, most of its research and development team is based in Queensland and the firm plans to grow its Australian workforce over the next two years across technology roles.
“To support growth, ProcurePro will hire 100 employees globally over the next 24 months across product, engineering, and go-to-market teams. The company is establishing its first US presence while scaling existing offices in Brisbane, London and Dubai.”
Kate Farrar, chief executive of Brighter Super, said: “We’re excited to bring ProcurePro into our stable of Queensland-based investments. Not only do its fundamentals stack up but, as part of our Queensland Investment Strategy, ProcurePro also supports jobs, strengthens local communities and aims to deliver long-term value for our members.
“Queensland’s continued population growth and the massive 2032 Olympics juggernaut will provide great local opportunities for ProcurePro, but this additional funding will help ProcurePro catch a global wave of AI-enabled opportunities across construction industries in the US, UK and beyond.”
There is a growing trend among super funds for infrastructure investment with Australian Retirement Trust backing a US$2.1 billion infrastructure platform and CFS committing $370 million to a global infrastructure mandate.
ART backed Accelerate Infrastructure Opportunities, a US-based infrastructure and real estate investment platform which buys and manages the real estate of infrastructure such as data centers, solar farms and battery storage.
CFS allocated $370 million to a global infrastructure strategy managed by Morrison, made through CFS’s private markets portfolio into Morrison’s value-add strategy across both fund and discretionary co-investments.
The strategy focuses on sectors including digital infrastructure, energy transition, and transport and logistics.
