- Construction material delivery service RenoRun announced it raised C$22.5 million in Series A funding
RenoRun — a leading technology-enabled construction material delivery service founded by Eamonn O’Rourke, Joelle Chartrand, and Devlin McDougall Chartrand — announced it raised C$22.5 million in Series A funding. This round of funding was co-led by Inovia Capital and Obvious Ventures with participation from ScaleUp Ventures, Real Ventures, Maple VC, and Silicon Valley Bank.
How does RenoRun work? With a builder-friendly app, RenoRun enables contractors to save time and money by planning, sourcing, and delivering scheduled or just-in-time building supplies and materials in less than two hours directly to the job site.
“One of the costliest factors on a job site 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. This funding is going to allow us to do even more for the men and women in the industry, who need as much efficiency as possible in one of the tightest labor markets of the 21st century.”
Builders are known for planning material delivery in advance from multiple suppliers. And 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 and from multi-supplier deliveries in one run.
“RenoRun is using data-driven methodologies to create major efficiencies for the construction industry,” added Magaly Charbonneau, principal at Inovia Capital. “By providing a superior experience and reliability to contractors, RenoRun has an opportunity to create an entirely new vertical in the homebuilding and renovation industry. We’re excited to help them scale their vision.”
This funding round comes on the heels of RenoRun’s $3 million seed round of funding led by Real Ventures with participation from ScaleUp Ventures. And this funding round will be used to help scale RenoRun’s business in each of the cities that the company operates as well as to continue rapid employee growth to meet customer demands.
“As an early investor in RenoRun, we’re thrilled to see them growing prosperously through this round and beyond,” commented Sam Haffar of Real Ventures.
In the past year, RenoRun saw over 300% customer growth. And the company grew from 7 to 90 employees in 10 months. Plus the company celebrates diversity in the software and construction industries with women holding two of five executive positions and two of four board member positions.
“We have seen a passion, transparency, and dedication from Eamonn and his team that’s already having an outsized impact for the general contractor community,” explained Andrew Bebee of Obvious Ventures. “We are excited to be a part of the road ahead.”
O’Rourke spent over 20 years in the construction industry in Ireland, Australia, Canada, and the United States. And he saw the need for fast and high-quality job site material delivery. Currently, the company is delivering materials in the Canadian cities of Toronto and Montreal as well as in the U.S. city of Austin, Texas. The company is planning to expand geographically in 2020.
