RBC Ventures aims to remodel the home renovation experience with the acquisition of Smart Reno
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.
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