After losing a key investment, Clutch has climbed back—carefully. CEO Dan Park explains
Dan Park’s online car retailer, Clutch, burned through cash— until the CEO was forced to slam on the brakes.Clutch was one of the hottest startups around, and it got a massive boost during the pandemic-era used-car frenzy. In his quest for growth, CEOburned through cash — until he was forced to slam on the brakes. Here’s how the humbling played out and how Park plans to get back on the growth track, in his own words.
We started to see cracks in early 2022. Steve Seibel, Clutch’s founder, and I flew to California to meet some investors to secure a $95-million fundraising round. I’m a movie buff, and it was one of those moments where the protagonist has one chance, and if it doesn’t work out perfectly, the world’s going to end. We got the term sheet signed on Nov. 4, and it was probably one of the highest highs I’ve ever had.
A lot of investors have asked me, “How did you turn it around?” There was no silver bullet. There were a lot of lead bullets—a lot of small improvements that allowed us to strengthen the foundation over time. We focused on selling high-quality, profitable products. We had incredible discipline around inventory management, and we aligned the team to a singular financial goal, which we hit. It was like, “Okay, we’re going to survive. At a minimum, we’re going to survive.
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