RenoRun Inc. is seeking creditor protection in Quebec as it begins the process of finding a buyer. The company, which provides Instacart-style delivery for construction materials, received a US$142 million investment last year led by Tiger Global Management. Since then, ballooning interest rates and disagreements with potential investors have cramped its growth.
Co-founder Eamonn O’Rourke did not mask his disappointment in an interview with The Globe and Mail. “We’ve had Canadian and U.S. investors that stood by the company that have said this is probably one of the most embarrassing things they’ve seen in venture capital.”