Procore Technologies’ IPO and Continued Success Nets Early Investors with 368x Return from Original Investment and $12.4 billion Market Cap
IRVINE, Calif. – September 2, 2021 – Tech Coast Angels (TCA) today announced that one of its “unicorn” portfolio companies has realized the highest multiple return since the angel network’s inception in 1997. Procore Technologies (Procore) had its Initial Public Offering (IPO) in May of this year, and its shares opened at 25% above the announced IPO price of $67.
Several TCA members invested in Procore in 2006. At the end of the lockup period (August 18, 2021), these TCA members realized a 333x return. As of August 30, 2021, Procore’s closing stock price of $94.67 translated into a market cap of $12.4 billion and a net return for the TCA investors of 368x. Since 1997, TCA has invested in over 470 companies, and this is the highest multiple realized to date for any of those companies.
Like Mindbody (at 264x now TCA’s second highest return), Procore Technologies is a Southern California based software company. Procore provides a cloud-based construction management platform and related software products, and is a leader in that business.