Toronto company’s valuation crashed to $15-million in 2023. Now it’s sprung back to surpass its previous $575-million high
After a $95-million financing fell through in January, 2023, the online car merchant cut 65 per cent of its staff and pulled out of Western Canada . Other virtual car vendors were in trouble too: Canada Drives Ltd.Clutch chief executive officer Dan Park even briefly considered selling the Toronto company or pulling the plug. “The business felt so small,” he said in an interview. “But we believed in what we were building.
“It’s great validation for all the hard work, but it feels like Day 1. We have a lot more building to do,” Mr. Park said. Clutch was founded in 2016 by ex-investment banker Steve Seibel, now its chief operating officer. BrandProject invested in 2018 and recruited Mr. Park, past head of Uber Eats Canada. Clutch expanded quickly across Canada, raising $135-million in 2020 and 2021. Revenue ballooned to $202-million in 2022.
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