Tiger spearheads US$142-million investment in RenoRun

RenoRun Inc., a fast-growing Montreal startup that is developing an Instacart-style service for delivering construction materials to general contractors, has raised US$142 million in a private-capital round led by global hedge fund behemoth Tiger Global Management.

The acquisition, which was finished last October but just announced on Tuesday, was one of several in Canada made by New York-based Tiger in 2021, before technology stocks began to slump, which some fear would spread to private technology values. RenoRun has released more than US$100 million in equity, as well as various fundraising types such as debt.

Sozo Ventures, Fifth Wall, and Triple Point Capital, as well as digital-automation business Schneider Electric, are among the other investors. The financing is also supported by Canadian asset management Nicola Wealth, Investissement Québec, BDC Capital, and Export Development Canada.

ScaleUP Ventures, Obvious Ventures, Inovia Capital, Real Ventures, Maple VC, and Silicon Valley Bank are among the previous funders. ScaleUP partner Matt Roberts noted, “This is one of the fastest-growing revenue organizations I’ve ever dealt with.”

RenoRun has served over 15,000 contractors since its start in 2017 and produces over $30 million in annual income.