Canadian construction tech start-up RenoRun announced this week that it has raised $142 million in series B funding, a significant increase from $17.1 million in Series A funding raised in November 2019. Internet and software investment giant Tiger Global Management and Quebec's Sozo Ventures are new investors in the company and co-led the funding round, adding Sozo's founder to its board of directors.
A building materials delivery service coordinated via e-commerce platform, RenoRun serves mostly residential and some small commercial contractors in five different markets: Boston, Chicago, Philadelphia, Washington, DC, and its headquarters in Montreal. In three years, the company has grown from 50 to 500 employees, and more than 10,000 customers, reflecting a need and interest in solutions to address supply-chain constraints and delays for construction materials.
RenoRun sources from manufacturers, distributors and suppliers for just-in-time delivery of materials such as lumber, drywall and insulation to jobsites. There are more than 4,500 products available for order through its online platform, and customers can also arrange for the delivery of boom trucks and flat beds.
RenoRun founder and CEO Eamonn O'Rourke said the company, founded in 2017, is continuing a mission to make "the lives of contractors easier and more efficient."
"Our goal is to give them more time and to help them scale amazing long-lasting businesses by building the world's most contractor-centric brand," said O'Rourke in a statement announcing the company's financing round. "With our new funding led by Tiger Global and Sozo Ventures, we are able to grow to the next level to be top of mind for each and every contractor across North America."
Additional new investors for the company include SE Ventures, BDC Capital's Women in Technology and Growth Venture Co-Investment Funds, Fifth Wall, Desjardins Capital, Nicola Wealth, Export Development Canada, TriplePoint Capital. Existing investors include Scale Up, Obvious Ventures, Inovia Capital, Real Ventures, Maple VC, and Silicon Valley Bank.