Prolo raises £4.2M to modernise construction procurement
Prolo, an AI-powered procurement platform helpingsmall and medium-sized construction firms source materials, equipment andlabour at competitive market rates, has secured £4. Prolo has secured fresh funding to expand its AI-powered procurement platform, helping smaller construction firms streamline sourcing, access better pricing, and improve cash flow through a more efficient purchasing process. Artificial Intelligence Prolo raises £4.
Key Takeaways
- 2M to modernise construction procurement Prolo has secured fresh funding to expand its AI-powered procurement platform, helping smaller construction firms streamline sourcing, access better pricing, and improve cash flow through a more efficient purchasing process.
Tamara Djurickovic 1 hour ago Share Share Send email Copy link Prolo , an AI-powered procurement platform helping small and medium-sized construction firms source materials, equipment and labour at competitive market rates, has secured £4.
- Despite construction being one of the world's largest industries, procurement remains largely manual, creating significant challenges for smaller contractors.
Unlike tier-one firms, SMEs often spend hours contacting multiple suppliers for quotes and frequently pay higher prices because of their limited purchasing power.
- The platform provides access to trade rates on bulk materials and specialist plant hire that are typically reserved for larger contractors.
It also offers flexible credit terms of up to 90 days, helping customers manage cash flow and take on larger projects.
- The demand we are seeing from the market has been exceptional.
The new funding will support Prolo's go-to-market strategy, expand its sales and marketing capabilities, and accelerate the rollout of new technology and product features as the company continues to grow its customer base among SME contractors.
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Stats & Key Facts
- #It also offers flexible credit terms of up to 90 days, helping customers manage cash flow and take on larger projects.
Prolo has secured fresh funding to expand its AI-powered procurement platform, helping smaller construction firms streamline sourcing, access better pricing, and improve cash flow through a more efficient purchasing process. Artificial Intelligence Prolo raises £4. 2M to modernise construction procurement Prolo has secured fresh funding to expand its AI-powered procurement platform, helping smaller construction firms streamline sourcing, access better pricing, and improve cash flow through a more efficient purchasing process.
Tamara Djurickovic 1 hour ago Share Share Send email Copy link Prolo , an AI-powered procurement platform helping small and medium-sized construction firms source materials, equipment and labour at competitive market rates, has secured £4. The oversubscribed round was led by Triple Point Ventures , with participation from a16z Scout Fund, Anamcara Capital, Concrete VC, Foundation Ventures, Haatch, Koro Capital, Love Ventures, and Portfolio Ventures. Founded by serial proptech entrepreneur James Morris-Manuel , Prolo aims to modernise construction procurement by addressing long-standing inefficiencies in the sector.
Despite construction being one of the world's largest industries, procurement remains largely manual, creating significant challenges for smaller contractors. Unlike tier-one firms, SMEs often spend hours contacting multiple suppliers for quotes and frequently pay higher prices because of their limited purchasing power. To address these challenges, Prolo acts as an outsourced AI-powered procurement team.
For more details please read the original article at Tech.eu.
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