RBC Ventures Acquires Smart Reno

RBC Ventures, a subsidiary of Royal Bank of Canada, announced that it acquired Smart Reno, “Canada’s leading home renovation marketplace.”

Currently available in Ontario, Quebec and Alberta, Smart Reno connects consumers to qualified renovation professionals. The platform allows customers to estimate renovation costs and request quotes from professionals.

Established in 2012, the startup raised ~$3.2m and is a team of 11 according to LinkedIn.

“RBC Ventures is moving beyond banking to create solutions that support Canadians through every stage of their home journey. Our portfolio of ventures already helps Canadians rent, buy, move into and maintain a home, and now we’re helping Canadians improve their home. Canadians spend nearly $80 billion a year on home renovation projects; however, the experience continues to be painful, inefficient, and lacks trust and transparency for many. We see an incredible opportunity to transform the home improvement industry and help bring peace of mind and differentiated value to both consumers and renovation professionals with Smart Reno.” – Simon Maycock, Vice President and Head of Home Solutions, RBC Ventures.

“After building and growing Smart Reno over the last seven years and achieving a leadership position in the markets in which we operate, joining RBC Ventures will allow Smart Reno to significantly improve how home renovations are done at scale across Canada. With our shared mission of simplifying and improving Canadians’ lives through exceptional customer experiences, we are thrilled to work with RBC Ventures to take Smart Reno to new heights and make a meaningful impact in the home improvement industry.” – Smart Reno’s founder and CEO.