Bonus Interview: Procore CEO Tooey Courtemanche
This week, we brought back Procore CEO Tooey Courtemanche onto the show to discuss Procore's business and what they are seeing with the construction industry at large. Here are some questions we asked him:
Even though this is your 2nd time on the show, we may have some listeners that are hearing about Procore for the first time. So can you give sort of the one-liner on what Procore is and what value you provide to customers?
What are you seeing as far as the overall state of the construction market in 2022? What are some of your customers' pain points? How is Procore addressing them?
How are commodity price swings in energy, lumber, etc. impacting things? How has the recent Shanghai lockdown impacted operations (if at all)?
You’ve mentioned that the current labor trends could be a long-term tailwind. How so?
Last time we spoke, you said ~50% of the customers that your sales team reaches out to relies on manual processes (pen and paper, whiteboards, etc). Has anything changed on that front (ie. has COVID accelerated digital adoption) or are you guys still seeing a lot of that low-hanging fruit?
How does Levelset enhance Procore’s offering? Have you seen good adoption from existing customers?
What are the benefits (for a customer) of having an owned service instead of a marketplace partner?
Procore Construction Network? I didn’t see any update on that during the Q. Is that sort of a longer term objective? What are the ambitions there?
It seems like you guys put a lot of focus on the financial suite. Would you say that’s Procore’s biggest differentiator relative to competitors?
How is the international expansion going? (don’t have to ask)
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Disclosure: The author and podcast guests are not your financial advisors. Ryan Henderson and Brett Schafer are general partners and portfolio managers at Arch Capital. Clients of Arch Capital may hold securities discussed on this show.