Clutch Raises $100 Million To Transform The Used Car Buying Experience For Canadians

Clutch, Canada’s first online car retailing platform, announced today that it has raised CAD $100 million Series B equity financing to provide Canadians with an unparalleled, online experience for buying pre-owned cars. This most recent financing round is led by D1 Capital Partners with participation from Flight Deck Capital, Canaan Partners, Upper90, Real Ventures, GFC, Brand Project, and FJ Labs. Since 2016, Clutch has been focused on delivering the best customer experience for car buying in Canada. Its fully-vertically integrated business model ensures that each car undergoes a rigorous 210-point inspection and is reconditioned to the highest standard by its team of in-house mechanics. Clutch saves customers hours of time by avoiding endless trips to the dealership or uncomfortable meetings with strangers in parking lots. The seamless end-to-end online process provides customers with detailed, high-resolution 360° photos of each vehicle, a free instant CarFax report and access to a wide range of financing options without having to leave the comfort of your home. Finally Clutch offers complete peace of mind with a 10-day money back guarantee so customers can be sure the car fits in the routine of their everyday lives.

With this funding and support from D1’s Scott Baxter, who will join the company’s board of directors, Clutch will strengthen operations in the existing markets it serves, which includes Alberta, British Columbia, New Brunswick, Nova Scotia, Ontario and Prince Edward Island, as well as expand to new markets in the coming months. Additionally, the company has plans to continue expanding its product offerings in 2022, helping facilitate the entire car-buying process even further. Clutch plans to make significant investments in growing its rapidly expanding team by over 200 people next year in order to continue delivering the easiest, most transparent and most trusted way to buy a car in Canada.

Recently named one of the Fastest Growing Canadian Companies by the Globe & Mail and one of the Top Canadian Startups by LinkedIn, Clutch is modernizing the car buying experience across Canada. Clutch’s mission is to build customer trust by providing a delightful car buying and ownership experience while making a positive impact on the communities in which they operate.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: