Notably, six months after announcing the closing of $181 million in financing from Investments Quebec (IQ) and Desjardins Capital, Montreal e-commerce platform Renoran has undertaken major layoffs.
About 70 employees of the company have been laid off and their expansion projects have been put on hold until further notice, its founding president and chief executive confirmed.
This information was released by Betakit, a media that specializes in its coverage Startups. Eamonn O’Rourke, CEO of Renoran, based in Knowlton in the Eastern Townships, did not respond to our interview requests.
Founded in 2017, Renoran provides building materials sales and delivery service to contractors. Once an electronic order is placed, Renoran guarantees delivery to the site within a maximum of two hours.
“The Perfect Storm”
To justify this development – in February management said it wanted to double size within 12 months – Mr O’Rourke refers to inflation, risks of recession and uncertainty about housing costs as a “perfect storm” that threatens survival. The organization
RenoRun’s latest round of funding was led by Sojo Ventures and major shareholder Tiger Global. Investment Québec, Export Development Canada (EDC), Desjardins Capital and the Business Development Bank of Canada (BDC) responded to the invitation.
Innovia Capital, Sonder and Goodfood President Jonathan Ferrari also invested in the company. RenoRun had just over 500 employees in Montreal in December; But also in Toronto, Boston, Chicago, Philadelphia and Washington.