Montreal’s RenoRun has raised USD $142 million in the fourth-largest Series B funding round ever for a Canadian startup.
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.
The goal is to keep contractors on-site and make operations more efficient. RenoRun also has “pro desk” that customers can call and place orders.
“We put our heads down and we’ve been running as fast as we can for the past five years,” co-founder and chief executive Eamonn O’Rourke said in an interview. “To bring on partners like Tiger Global and Sozo Ventures for a Series B definitely makes us very happy and gets us set up for the next evolution of the company.”
O’Rourke created the business in 2017 after a lifelong stint in the construction and property development business. He realized all the effort contractors used up in managing numerous vendors to source various materials and all the time in travelling to pick them up was lost earning potential.
RenoRun currently operates in Montreal and Toronto, and pushed into the U.S. last year, launching in Chicago, Boston and Philadelphia.
RenoRun will use the new funding to expand its 500-person team — already up from 130 people in January 2021 — to 1,000 by the end of the year as they chase a market worth $400 billion in North America.