Total amount raised
$68.5 Millions
Latest funding date
3/1/2021
Location
Clutch has successfully raised significant funding across multiple rounds, including a CA$50 million Series D round. The company specializes in offering a seamless online experience for purchasing high-quality certified pre-owned vehicles.
Keep reading to explore the intricacies of Clutch's fundraising journey and the investors backing this innovative platform.
What Is Clutch?
Clutch, founded in 2017 by Chris Dolinski and Stephen Seibel, is based in Toronto, Ontario, Canada. The company specializes in offering a seamless online experience for purchasing high-quality certified pre-owned vehicles. With a team of 251-500 employees, Clutch is revolutionizing the way people buy, sell, and own cars.
How Much Funding Has Clutch Raised?
- Seed Round
- Amount Raised: $2M
- Date: December 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop the initial platform.
- Seed Round
- Amount Raised: CA$7M
- Date: July 2020
- Lead Investors: Real Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's capabilities.
- Series A
- Amount Raised: CA$20M
- Date: April 2021
- Lead Investors: Zhejiang Canaan Technology
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Series B
- Amount Raised: CA$100M
- Date: November 2021
- Lead Investors: D1 Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support rapid growth and increase market share.
- Debt Financing
- Amount Raised: $150M
- Date: May 2022
- Lead Investors: Neuberger Berman
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity and support operational expenses.
- Series C
- Amount Raised: $95M
- Date: July 2023
- Lead Investors: FJ Labs
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the business and improve technology infrastructure.
- Venture Round
- Amount Raised: $12.2M
- Date: July 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To stabilize operations and extend the company's runway.
- Corporate Round
- Amount Raised: $10M
- Date: July 2024
- Lead Investors: iA Financial Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support strategic partnerships and business expansion.
- Convertible Note
- Amount Raised: Not publicly disclosed
- Date: September 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide financial flexibility and support ongoing operations.
- Series D
- Amount Raised: CA$50M
- Date: February 2025
- Lead Investors: Altos Ventures
- Valuation at Round: Over CA$575M
- Motivation Behind the Round: To fuel geographic expansion and build new reconditioning facilities.
Total Amount Raised: $346.2M USD. Current Valuation: Over CA$575M.
Key Investors
- Altos Ventures
- Details: Altos Ventures is a Silicon Valley-based venture capital firm that focuses on early and growth-stage investments. They have a strong track record of supporting technology companies.
- Investment Focus Areas: Technology, growth-stage companies, early-stage companies.
- Notable Investments: Roblox, Coupang, MongoDB.
- FJ Labs
- Details: FJ Labs is a venture capital firm that invests in early and growth-stage companies. They are known for their extensive portfolio in the technology sector.
- Investment Focus Areas: Technology, early-stage companies, growth-stage companies.
- Notable Investments: Alibaba, Delivery Hero, Flexport.
- iA Financial Group
- Details: iA Financial Group is a leading Canadian insurance and wealth management company. They provide a range of financial products and services.
- Investment Focus Areas: Insurance, wealth management, financial services.
- Notable Investments: Not publicly disclosed.
- Neuberger Berman
- Details: Neuberger Berman is a private, independent, employee-owned investment management firm. They manage a range of investment strategies for institutions and individuals.
- Investment Focus Areas: Equities, fixed income, alternative investments.
- Notable Investments: Not publicly disclosed.
- D1 Capital Partners
- Details: D1 Capital Partners is a global investment firm that deploys capital in both public and private markets. They focus on long-term investments in high-quality companies.
- Investment Focus Areas: Technology, healthcare, consumer sectors.
- Notable Investments: SpaceX, Stripe, Instacart.
What's Next for Clutch?
Clutch is poised to capitalize on the $40-billion used-car market in Canada, with plans to expand its reconditioning facilities and potentially re-enter Western Canada. The company’s focus on profitability and operational efficiency, coupled with a growing consumer preference for online car buying, positions it well for future growth.
Future fundraising opportunities are likely as Clutch continues to demonstrate strong financial performance. The recent $50-million Series D round and previous convertible note financing suggest that additional funding rounds could support further expansion and operational scaling.
However, Clutch may face challenges such as economic instability, competition from other car retailers, and navigating regulatory conditions in new markets. Maintaining growth and profitability in a competitive landscape will require strategic planning and adaptability.
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