According to the e-commerce construction platform, Tuesday’s round marks the fourth largest Series B fund in Canadian history, and a massive jump from the $17.1 million round RenoRun pulled in November 2019.
Higher material costs and lack of availability are adding weeks to typical single-family construction times. The National Association of Home Builders estimates aggregate cost of residential construction materials has increased almost 19% since December 2020.
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.
Designed as an e-commerce platform, RenoRun works with manufacturers, distributors and brands to supply thousands of building materials and supplies to construction, contracting and renovation professionals. Materials can vary from lumber, drywall and insulation, to shingles, siding, hardware, doors, paint, and so on.
RenoRun tech can also be utilized 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.
Co-founded in 2017 by Eamonn O’Rourke and Joelle Chartrand, RenoRun was born from the insight that contractors and their employees spend too much time away from their job sites procuring materials.
“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 O’Rourke.
The business model seems to be working as the proptech saw an overhaul of new investors in Tuesday’s round including Investissement Quebec, Sozo Ventures, SE Ventures and Fifth Wall. RenoRun also revealed executives from GGV, Opendoor, Sonder and founders of GoodFood acted as strategic investors in this round.
In addition, the company announced it added Sozo Ventures Founder and General Partner Phil Wickham to its board.
With fresh funding in the bank, RenoRun plans to use its new capital to expand across six markets in the U.S. and Canada. In addition to new regions, it currently services Boston, Chicago, Philadelphia, Washington, D.C., Toronto and Montreal.
“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,” said O’Rourke.