CPE News (2.1.2022) – RenoRun has officially announced the closing of US $142 million in Series B funding led by Tiger Global and Sozo Ventures.
Tiger Global becomes the single largest shareholder of the company. Phil Wickham, Sozo Ventures founder and GP, has joined RenoRun board of directors as part of the transaction.
Additional new investors included Investissement Quebec, SE Ventures, BDC Capital’s Women in Technology and Growth Venture Co-Investment Funds, Fifth Wall, Desjardins Capital, Nicola Wealth, Export Development Canada (EDC), TriplePoint Capital. They were joined by existing RenoRun investors which include Obvious Ventures, ScaleUP Ventures, Inovia Capital, Real Ventures, Maple VC, and Silicon Valley Bank. RenoRun is also excited to bring on executives from GGV, Opendoor, Sonder and founders of GoodFood as strategic investors in this round.
RenoRun is a leading e-commerce platform for construction and building materials that are disrupting the construction industry. We enable construction, contracting, and renovation professionals to build the world around us using technology. RenoRun currently has 500 employees in six markets across the U.S. and Canada. With headquarters in Montreal, additional office locations include Toronto, Omaha, NE and Chicago.
photo credit: RenoRun
News Release
RenoRun Raises $142M USD To Fuel Rapid Expansion Across the U.S. and Canada
MONTREAL, Feb. 1, 2022 /CNW Telbec/ – RenoRun, a leading e-commerce platform for construction and building materials that is disrupting the construction industry, has announced the close of a $142M USD Series B round co-led by Tiger Global and Sozo Ventures. In addition, the company announced it added Sozo Ventures Founder and General Partner, Phil Wickham to its Board.
Rapidly growing company now counts over 500 employees across Canada and the U.S
Through its digital platform, RenoRun helps contractors drive efficiency to their job sites by planning, sourcing, and delivering building supplies on-demand and with greater predictability and dependability. The Canadian company, founded in 2017, works with leading manufacturers, distributors, suppliers, and brands to supply thousands of building materials and supplies, from lumber, drywall, insulation, shingles, and siding, to hardware, doors, paint, and more. RenoRun empowers contractors to manage material orders across multiple job sites, reducing the need to manage multiple vendors and customize deliveries with walk-in services, drop-off instructions, and even free coffee. RenoRun offers a solution that increases job site efficiency by allowing contractors to focus on what they do best and their employees to stay on-site and continue working, saving contractors (and homeowners) thousands of dollars in wasted labor per project.
Additional new investors included Investissement Quebec, SE Ventures, BDC Capital’s Women in Technology and Growth Venture Co-Investment Funds, Fifth Wall, Desjardins Capital, Nicola Wealth, Export Development Canada (EDC), TriplePoint Capital. They were joined by existing RenoRun investors which include ScaleUP Ventures, Obvious Ventures, Inovia Capital, Real Ventures, Maple VC, and Silicon Valley Bank. RenoRun is also excited to bring on executives from GGV, Opendoor, Sonder and founders of GoodFood as strategic investors in this round.
Global supply chain constraints and delays in construction materials have placed a great strain on residential remodelers, commercial home builders, and contractors alike. With the backlog expected to continue well into 2022 and serve as a regular challenge for contractors, RenoRun helps alleviate the stress of juggling multiple vendors and sourcing materials, letting builders and their crews focus on building.
“We began this company with the simple mission of making the lives of contractors easier and more efficient. Contractors are entrepreneurs who are juggling an enormous amount of tasks on a weekly basis. 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 Founder and CEO Eamonn O’Rourke. “I am incredibly proud of our team that has helped us expand across six markets in Canada and the U.S. 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.”
Griffin Schroeder, Partner at Tiger Global added,”RenoRun has streamlined the supply chain for builders and created a more efficient purchasing and delivery platform.”
Sozo Ventures Founder and General Partner, Phil Wickham commented,”RenoRun is transforming a huge, important and inefficient construction logistics market and the proof is in the excitement, and frankly zealotry, for the RenoRun platform and services that we felt from the company’s customer base.”
After spending more than 20 years in the construction industry in Ireland, Australia, and eventually Canada, O’Rourke saw the need for fast material delivery. As a result, he, along with his co-founders founded RenoRun in 2017. The company has since revolutionized the construction industry in cities such as Boston, Chicago, Philadelphia, Toronto, Montreal, and as of today Washington, D.C. The company has grown to over 500 employees, with business operations headquartered in Montreal. For more information on RenoRun, please visit www.renorun.com or download the RenoRun app on Android or iOS.
About RenoRun
RenoRun is a leading e-commerce platform for construction and building materials that are disrupting the construction industry. We enable construction, contracting, and renovation professionals to build the world around us using technology.
RenoRun was born in 2017 with the insight that contractors and their employees spend too much time away from their job sites procuring materials. Before building out the concept, our co-founders, three construction industry veterans, would sit in different hardware store parking lots around Montreal, keeping count of anyone coming out in work boots, driving vans, and pickup trucks. Their observations led them to conclude that over a thousand contractors and construction workers were circulating hardware stores in Montreal every hour. With this data in hand, they decided to set out on a crusade to better serve contractors and to revolutionize the construction industry.
RenoRun currently has 500 employees in six markets across the U.S. and Canada. With headquarters in Montreal, QC, additional office locations include Toronto, ON, Omaha, NE and Chicago, IL. We continue to pride ourselves on being the most contractor-centric brand in the world and are driven by the belief that construction professionals deserve to get time back and focus on the job at hand.
SOURCE RENORUN
For further information: Media Contacts: Valerie Bunatowski, valerie.burnatowski@renorun.ca; Chris Allieri, chris@mulberryandastor.com