RBC Ventures acquires Smart Reno

Montreal’s Smart Reno is cashing out.

The online home renovation marketplace that connects consumers and renovation professionals has been acquired by RBC Ventures, reported PE Hub’s Kirk Falconer. Like many smaller tech deals, the terms of the deal were not disclosed.

Founded in 2012 by CEO Andrei Uglar, Smart Reno currently operates in Alberta, Ontario and Québec.

The company previously raised financing from Anges Québec, Anges Québec Capital Fund and 500 Startups Canada.

RBC Ventures is a startup creation, acquisition and investment affiliate of Royal Bank of Canada. It said Smart Reno will be given access to assets and resources to help it scale operations in Canada, expand capabilities, and improve the user experience.

“Canadians spend nearly $80 billion a year on home renovation projects; however, the experience continues to be painful, inefficient, and lacks trust and transparency for many. We see an incredible opportunity to transform the home improvement industry and help bring peace of mind and differentiated value to both consumers and renovation professionals with Smart Reno,” said Simon Maycock, VP at RBC Ventures.

RBC Ventures, Maycock added, is moving beyond banking to create solutions to support Canadians through the home journey.

“Our portfolio of ventures already helps Canadians rent, buy, move into and maintain a home, and now we’re helping Canadians improve their home.”

Smart Reno says its platform makes it easy to estimate renovation costs and request quotes from trusted professionals. Consumers simply post their requirements, and Smart Reno provides – free of charge – referrals to contractors who are qualified, available and interested in the project. This matching is optimized through a proprietary technology platform that identifies the best local contractors for a given project.

Contractors are selected from a network of thousands of professionals that is monitored and maintained by Smart Reno. Users are asked to review their experience with each contractor, and only those contractors who receive consistent positive feedback remain in the network to receive ongoing opportunities to bid for business.

In addition to the online home renovation marketplace that connects consumers and renovation professionals, Smart Reno says it has also developed lead management software that is used by major home improvement retailers to manage installation services.

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