DEALS | Online shopping meets construction
RenoRun, a Montreal-based e-commerce site for the construction industry, has raised $142m in new funding as investors target possible solutions to global supply chain constraints.
The company seeks to make construction sites more efficient by planning, sourcing and delivering supplies for a monthly fee.
Users can manage orders across multiple sites, which, RenoRun said, cuts the need to manage multiple vendors.
The idea is to reduce the time and cost for a contractor picking up materials, and RenoRun’s website includes a cost calculator for users to work out whether it offers value for money.
The company, which adds free coffee to every delivery, raised $142m in a Series B fundraise led by Tiger Global and Sozo Ventures.
Phil Wickham, founder and general partner of Sozo Ventures, said: “RenoRun is transforming a huge, important and inefficient construction logistics market, and the proof is in the excitement, and frankly zealotry, for the RenoRun platform and the services that we felt from the company’s customer base.”
Recent proptech deals
Name | Upflex
Sector | Flexible offices
What it does | Aggregates coworking spaces, giving users access to more than 5,500 workspaces in 75 countries
Deal details | WeWork has struck a strategic and exclusive partnership with Upflex, with the flexible office giant also agreeing to participate in the startup’s Series A funding round. The deal came soon after WeWork’s acquisition of Common Desk.
Reason for investment | Opportunities to tap into more hybrid work tools are still keeping operators busy. Through this deal, WeWork intends to roll out its WeWork Access membership option, which allows members to search, view and book space in non-WeWork locations.
Name | Vu.City
Sector | 3D planning and design
What it does | Provides a planning platform built around digital 3D models of cities, which allows users to visualise developments and their impact on the wider area
Deal details | Global engineering and design consultancy Ramboll made a “multi-million pound” investment in Vu.City’s Series A fundraise
Reason for investment | Mathew Riley, COO of Ramboll, said: “We see city-wide digital twin technologies as a crucial tool to support the development of sustainable and liveable cities. Vu.City brings incredible transparency to inform crucial decision making.”
Name | LEX Markets
Sector | Listed real estate
What it does | Turns individual buildings in the US into public stocks: investors can buy shares in listed assets starting at $250 per share
Deal details | LEX raised $15m in a Series A financing round led by PEAK6 Strategic Capital, with participation from Khosla Ventures, Two Lanterns, MUFG Innovation Partners and Gaingels.
Reason for investment | Similar to IPSX in the UK, LEX is trying to solve real estate’s problem of illiquidity and high barrier to entry. By offering the option to buy shares instead of entire buildings, LEX hopes to open the real estate market up to a wider pool of investors.