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Montreal’s RenoRun has filed for creditor protection in bid to avoid bankruptcy.
Today the construction tech startup filed a notice of intention to make a proposal under the Bankruptcy and Insolvency Act, the first step in the process to restructure the firm and prevent all-out bankruptcy.
RenoRun is an online platform that allows contractors to purchase building materials such as lumber and drywall through its website and mobile app. Once an order is placed, RenoRun delivers the order in as little as two hours and contractors can schedule deliveries in advance to the job site.
RenoRun raised a USD $142 million Series B funding round one year ago and announced that they would use the funding to expand its 500-person team — which was already up from 130 people in January 2021 — to 1,000 by the end of 2022.
RenoRun had been exploring options, including a sale and another injection of capital to salvage the firm, after laying off the majority of its staff in the past seven months.