Over the last few years, Clutch has been on an incredible journey. Through the uncertainty of the pandemic, the subsequent used car frenzy and then the evaporation of growth capital, the last several years have truly tested our team. Through this volatility, we have remained committed to providing Canadians with the country’s best car buying and selling experience. Today, we're excited to announce that we've closed over CAD 50 million in our Series D funding round. This milestone isn’t just about the capital; it’s a testament to the relentless effort of our team, the trust of our customers, and the confidence our investors have in our vision for the future.
Over the last 3 years, we’ve grown 4x to more than $400 million in annualized revenue, and in 2024, we achieved profitability – a significant milestone that underscores the strength of our business model. While the proceeds of our last financing remain untouched, the momentum we’ve built sparked strong interest from investors, leading to an oversubscribed Series D round. This funding will fuel our continued geographic expansion, support the construction of new vehicle reconditioning facilities, and help grow our inventory to meet the increasing demand from Canadian car buyers.
One of our core values at Clutch is to “have an underdog mentality.” It means staying humble, striving for continuous improvement, and never assuming the job is done. We’ve come a long way, but we know there’s still so much more to achieve. This funding round is a reflection of the hard work and resilience of our entire team and the belief that we’re still just scratching the surface of what’s possible.
I’m thrilled to partner with Altos Ventures (early investors in companies like Roblox, Coupang, and PandaDoc), as the lead investor in this round, along with welcoming Industry Ventures and BMO Capital Partners. Thank you to existing investors Flight Deck Capital and FJ Labs for your renewed support. Each of these partners brings not just capital but invaluable experience, networks, and a shared belief in what we’re building at Clutch.
We are a company founded by Canadians, employing Canadians and serving Canadian customers. We are building Clutch because the traditional car buying experience has remained largely unchanged for decades – filled with stress, haggling, and often a lack of transparency. At Clutch, we’re flipping that narrative. We’ve built a seamless, transparent platform that lets Canadians buy and sell cars with confidence from the comfort of their homes. Our technology generates over 140,000 unique instant offers each month, and we purchase thousands of vehicles directly from consumers, ensuring quality through rigorous reconditioning before cars are offered on our website for sale.
This announcement isn’t just a celebration; it’s an invitation. We’re looking for talented, driven individuals who want to be part of something transformative. Our culture values personal growth, innovation, teamwork, and a relentless focus on customer experience. We believe that by promoting autonomy and fostering a collaborative environment, we can continue to push the boundaries of what’s possible in auto retail.
If you’re passionate about making a real impact, redefining an industry, and being part of a high-growth, mission-driven team, we’d love to hear from you. Check out our open roles and see what it means to be a Clutch teammate.
We’re just getting started.
Onwards,
Dan
