RenoRun gets US $22.5 million in Series A money
Montreal-headquartered RenoRun, a construction material delivery service is bringing on US $22.5 million in series A venture funding.
The round was co-led by Inovia Capital and Obvious Ventures, with participation from ScaleUp Ventures, Real Ventures, Maple VC and Silicon Valley Bank. Through a “builder-friendly app,” RenoRun says it saves contractors time and money by planning, sourcing and delivering scheduled building supplies and materials in less than two hours.
“Digitization is the future of the construction industry,” said CEO Eamonn O’Rourke. “Software like RenoRun have the ability to redefine the sector across the board. Productivity, efficiency and costs are more manageable, thanks to platforms like RenoRun. Our goal is to be a fundamental layer in the builder’s technology stack as we move into a fully realized, digital construction revolution.
According to a press release from the company, “when builders on site run into an unforeseen material shortage, they have to waste time and money sending an employee offsite to make urgent purchases. RenoRun customers benefit from not only keeping hourly laborers on site, but also benefit from multi-supplier deliveries in one run.”
“One of the costliest factors on a jobsite is a loss of efficiency,” said O’Rourke. “Running out of materials not only affects the build itself, but it also puts the crew down a worker when someone has to go buy more lumber, drywall or other materials. We created RenoRun to put an end to this age-old problem. Our goal was to help crews finish on time and finish efficiently, and that’s exactly what we’re doing.”
Big jump in funding
The new cash comes after a $3 million seed round back in July. It will be used to help scale RenoRun’s business in each of the cities that the company operates, along with expanding their team.
RenoRun says it has seen more than 300% customer growth over the past 12 months. The company has grown from seven to 90 employees in 10 months and celebrates diversity in the software and construction industries, with women holding two of five executive positions and two of four board member positions.
According to the release, construction continues to be a major part of the U.S. economy, providing more than 7 million jobs and nearly $1.3 trillion in structures each year, and GlobalData estimates the industry will reach $304.6 billion in Canada by 2023 (measured at constant 2017 US dollar exchange rates) while global numbers could rise to nearly $13 trillion by 2022.
After spending more than 20 years in the construction industry in Ireland, Australia, Canada and the United States, O’Rourke saw the need for fast, quality jobsite material delivery. As a result, he founded RenoRun in 2017.
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