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.