TORONTO, May 30, 2019 /CNW/ - Today, RBC Ventures Inc., 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 while supporting contractors and
trades to efficiently grow their businesses with high-quality
leads.
"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," said Simon Maycock, Vice
President and Head of Home Solutions, RBC Ventures. "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."
The Smart Reno platform makes it easy to estimate renovation
costs and request quotes from trusted professionals. Consumers
simply post their requirements, and Smart Reno provides – free of
charge – referrals to contractors who are qualified, available and
interested in the project. This matching is optimized through a
proprietary technology platform that identifies the best local
contractors for a given project.
Contractors are selected from an exclusive network of thousands
of highly-rated professionals that is monitored and maintained by
Smart Reno. Users are asked to review their experience with each
contractor, and only those contractors who receive consistent
positive feedback remain in the network to receive ongoing
opportunities to bid for business.
In addition to the online home renovation marketplace that
connects consumers and renovation professionals, Smart Reno has
also developed lead management software that is used by major home
improvement retailers to manage installation services.
As part of RBC Ventures, Smart Reno will access the assets and
resources it needs to rapidly scale its operations across
Canada, expand the capabilities of
its home renovation marketplace and further improve the user
experience for consumers and renovation professionals.
"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."
About RBC Ventures
RBC Ventures Inc., a subsidiary of
the Royal Bank of Canada, is going
beyond banking to create meaningful solutions that touch every
Canadian. We are building new ventures, acquiring growing firms,
making investments and partnering with organizations that share our
vision. For more information, visit RBCVentures.ca.
About RBC
Royal Bank of Canada is a global financial institution with
a purpose-driven, principles-led approach to delivering leading
performance. Our success comes from the 84,000+ employees who bring
our vision, values and strategy to life so we can help our clients
thrive and communities prosper. As Canada's biggest bank, and one of the largest
in the world based on market capitalization, we have a diversified
business model with a focus on innovation and providing exceptional
experiences to more than 16 million clients in Canada, the U.S. and 34 other countries. Learn
more at rbc.com.
SOURCE RBC Royal Bank