In today’s news, Toronto-based AutoTech startup Clutch has raised $60 million dollars in financing to continue with the expansion of its online car retailer platform across Canada.
The funding is comprised of $20 million dollars in equity financing led by Canaan Partners, an early backer of Instacart and peer-to-peer carsharing Turo, and $40 million in debt from Upper90. Upper90 also participated in the equity portion of the round alongside Stephen Chau, the former head of product at Uber Eats, and previous investors BrandProject LP, Real Ventures, FJ Labs, and Global Founders Capital.
The announcement of the Series A financing comes less than one year after Clutch raised $7 million Canadian in a seed round led by Real Ventures.
Currently operating in Halifax, Toronto, and Vancouver, Clutch is looking to use the capital to further expand its presence in Canada. The startup noted it will soon be launching in other, undisclosed, cities across the country.
Clutch reports seeing strong momentum in 2020, despite COVID-19, with the company reporting its year-over-year revenue is set to triple this year.