SmartReno receives $1.6 million from Anges Québec members and Anges Québec Capital for expansion
The company continues to think big thanks to a third round of financing
Quebec City, November 24, 2015 – Members of Anges Québec and the Anges Québec Capital fund wrapped up a third round of company financing for a total of $1.6 million, helping SmartReno to secure its position as leader of the Canadian renovation referral sector after only three years of operation. This new round of financing allowed SmartReno to acquire its biggest competitor and launch a new financing product for its clients.
A third round of financing keeps SmartReno growing
Angel investors Martin-Luc Archambault, Daniel Robichaud, Mike Cegelski, Pierre Fleurent, and the Anges Québec Capital fund closed a third round of financing of $1.6 million for SmartReno. Now turning a profit, SmartReno will use this new capital to continue its growth both in Canada and internationally.
This is why SmartReno has acquired Zoomission, securing its leadership in the online marketplace and allowing it to pair people looking to complete renovation projects with qualified and available contractors. Thanks to the now-combined efforts of these two companies, 40,000 project requests will be generated per year, totaling a $200 million value and linking a network of over 5,000 contractors across Canada.
In addition to the acquisition, this third round of financing has allowed SmartReno to launch a new financing offer for its clients’ renovation projects. This alternative to traditional financing rounds out SmartReno’s current services and aligns with its goal of helping clients successfully complete their renovation projects.
A word from the angel investor
“SmartReno definitely has the resources and the leadership it needs to build a successful company on a strong foundation. The Internet is an integral part of our daily lives now, even for construction and renovation projects. It’s something SmartReno understood years ago and it’s why we put our trust in them. Today SmartReno is considered essential to renovation in Canada, and their business model isn’t just innovative, it can be exported internationally.”
– Martin-Luc Archambault, Anges Québec member and new SmartReno administrator
About Anges Québec
Anges Québec is a network of 170 private investors that identifies, finances, and coaches innovative Quebec enterprises with high growth potential. In this capacity, Anges Québec works with a number of key Quebec organizations interested in the development and promotion of Quebec-based technological innovations. So far, Anges Québec members have made 81 investments and reinvestments in 55 promising businesses in the seed and startup phases.
For more information on the Anges Québec network, visit www.angesquebec.com. Receive news about Anges Québec and its activities by joining our group on LinkedIn.com.
About Anges Québec Capital fund
Anges Québec Capital is an investment fund set up to financially support the members of Anges Québec. Sponsored primarily by the Quebec government, Caisse de dépôt et placement du Québec, Fonds de solidarité FTQ, and Investissement Québec, the fund supports the angels who invest in innovative Quebec businesses in the seed or startup phase. This joint effort by angels and fund sponsors results in $85 million being made available to entrepreneurs, allowing them to benefit from more substantial financial leverage in order to considerably grow their business.
SmartReno is changing the way homeowners look for contractors. The SmartReno platform enables people to describe their project in one place, then receive within 24 hours, and completely free of charge, several contractors who are best qualified and available to quote and execute their project. This matching is optimized through a real-time, multi-variable algorithm developed in-house, which identifies the best local contractors for a given project. SmartReno maintains an exclusive contractor network, in which only those who offer superior performance stay.
A French version is available online at www.angesquebec.com/fr/nouvelles.
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