Prolo, an AI-powered procurement platform helping
small and medium-sized construction firms source materials, equipment and
labour at competitive market rates, has secured £4.2 million in seed funding. 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. Contractors can place orders through
WhatsApp, email or phone. Prolo then combines AI with human procurement
specialists to source competitive pricing from a nationwide network of more
than 185 suppliers.
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.
Morris-Manuel said SME contractors have long been
disadvantaged by limited price transparency and inefficient procurement
processes, often paying higher prices because they lack the purchasing power of
tier-one contractors. He added:
With Prolo, we are fundamentally changing the way
construction supply chains operate. 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.