The venture business of Canada’s largest mortgage lender has acquired a leading renovations marketplace.
RBC Ventures Inc. has acquired Smart Reno which currently operates in the Ontario, Quebec, and Alberta markets. It enables homeowners to find qualified trades and contractors; and provides those professionals with high-quality leads.
Simon Maycock, Vice President and Head of Home Solutions, RBC Ventures says adding the reno firm to the lender’s portfolio is part of a strategy to move beyond banking and support every part of Canadians’ home journeys.
“Our portfolio of ventures already helps Canadians rent, buy, move into and maintain a home, and now we’re helping Canadians improve their home,” he said. “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.”
For Smart Reno, the involvement of a big player will unlock asset resources to help it scale the business across Canada.
“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,” said Andrei Uglar, Founder and CEO of Smart Reno. “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.”