SmartReno.com attracts $725k from BDC, Québec angels, other investors

SmartReno.com has raised $500,000 in new venture capital funding, in a deal led by angel investor Pierre Fleurent, and with the participation of four members of Anges Québec and Anges Québec Capital Fund. The investment completes a second round of financing totaling $725,000. Other investors in the company include BDC Venture Capital and Société de développement économique Ville-Marie. The Montréal-based SmartReno.com, which has raised $1.04 million in funding to date, provides a matching service between people who have renovation projects and qualified and available contractors.

PRESS RELEASE

Angels and the Anges Québec Capital fund invest $500 K in the 2nd round of financing of SmartReno.com

(Montreal, Octobre 30th 2013) – Four members of Anges Québec and the Anges Québec Capital fund have invested $350 K and $150 K respectively in SmartReno.com, a growing Montreal company that is changing the field of renovation. This $500 K investment, led by angel investor Pierre Fleurent, completes a 2nd round of $725 K in financing supported by the BDC, the SDEVM, and the IRAP program at the NRC.

Search and find
SmartReno.com provides a matching service between people who have renovation projects and qualified and available contractors. By placing their renovation project online, they receive three free quotes in less than 24 hours. “This matching is possible thanks to a performing, multi-variable algorithm developed internally, which enables our highly-automated system to target the best contractors for a project,” explained Andrei Uglar, President and CEO and co-founder, with Éric Boily, of SmartReno.com. Only well-established contractors can join the network. They are frequently referred contracts and benefit from an effective client development channel, more measurable and less costly than traditional advertising.

A model system
Already well-established in Montreal, where about 100 projects are traded daily through its site, the company now plans to extend its services to 15 cities in Canada and the U.S. “The first round of financing for $310 K allowed us to successfully demonstrate our system. We are now ready to expand and this second round of financing for $725 K supports the roll-out of SmartReno.com in North America,” Mr. Uglar added.

Pierre Fleurent, who led this investment project at Anges Québec, did not hesitate to get involved in the 1st round of financing for this company: “I met an exceptional management team at SmartReno.com. I was convinced of this startup company’s potential from the beginning and I wanted to guide it in the various phases of its development. The angels involved in this project with me are among the most interesting acquaintances that I’ve made in the last few years. SmartReno.com can count on a top-quality team to support it.”

About Pierre Fleurent
Pierre Fleurent has a Bachelor’s in mechanical engineering and management, and an MBA in Finance from McGill University. He also has CFA certification. Pierre worked for over 20 years in investment banking services at RBC Capital Markets, including eight as head of corporate financing in Quebec. He is now Managing Director at Canaccord Genuity.

About Anges Québec
Anges Québec is a network of 130 private investors that identifies, finances and coaches innovative Quebec enterprises with high growth potential. In this capacity, Anges Québec works closely with a number of key Québec organizations interested in the development and growth of technological innovations. So far, Anges Québec members have invested and reinvested in 31 promising businesses in the seed and startup phases.

About the Anges Québec Capital fund
Created in 2012 with a $20 million investment from the government of Quebec, through Investissement Québec, and $10M from the angels, the Anges Québec Capital fund is dedicated to innovative Quebec businesses in the startup phase. The fund gives them a more substantial financial foundation by adding to the investments made by Anges Québec members.

For more information about the Anges Québec network, go to www.angesquebec.com

To keep track of news and activities, join Anges Québec on LinkedIn.com

Source :
Anges Québec
François Gilbert
Président-directeur général
fgilbert@angesquebec.com
418-261-0011

Photo courtesy of Shutterstock.