RenoRun, a technology-enabled construction material delivery service, secured CA$22.5 million ($17.1 million USD) in Series A funding, led by Inovia Captial and Obvious Ventures, according to a news release. Through its app, RenoRun aims to save contractors time and money by planning, sourcing, and delivering building supplies and materials in less than two hours directly to jobsites.
"RenoRun is using data-driven methodologies to create major efficiencies for the construction industry," said 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."
"One of the costliest factors on a jobsite is a loss of efficiency," said Eamonn O'Rourke, CEO and founder of RenoRun. "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."
During the past 12 months, RenoRun has seen more than 300% customer growth. 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.
RenoRun currently delivers materials in Toronto and Montreal in Canada and Austin, Texas, in the U.S. The company plans to expand geographically in 2020.
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