SmartReno, a Montreal, QC, Canada-based platform for home renovation projects, closed a $1.6m third round of financing and acquired its main competitor Zoomission.
Backers in the round included angel investors Pierre Fleurent, Martin-Luc Archambault, Mike Cegelski and Daniel Robichaud, as well as Anges Québec Capital.
The funds will be applied towards the Zoomission acquisition and to continue its growth in Canada and internationally.
The acquisition allows the company to increase its reach adding Zoomission’s close to 20,000 projects annually and its network of over 2,500 qualified service providers. SmartReno now handles over 40,000 project requests per year, with an aggregate value exceeding $200 million and a network of more than 5,000 handpicked contractors. The current Zoomission site will be maintained, and its service offering to both homeowners and contractors will continue to be developed and enhanced. In the process, the entire Zoomission team led by Dominic Morin, the founder, joined SmartReno. Morin is also investing in the company and will continue to be actively involved.
Led by Andrei Uglar, president and founder, SmartReno operates a platform for people to describe their projects and then receive (within 24 hours and completely free of charge) contractors who are best qualified and available to quote and execute them.
This matching is optimized through a real-time algorithm developed in-house, which identifies the best local contractors for a given project.
The company, which maintains an exclusive contractor network, has also launched a financing product for homeowners (SmartReno Financing Plan) as an alternative to traditional financing. Clients can apply online or directly over the phone and be approved in less than 15 minutes.
FinSMEs
27/11/2015