Clutch

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About

Clutch is a vertically-integrated online car retailer serving Canadians. Our mission is to improve lives and earn trust by delivering on the vehicle needs of our customers. Clutch offers high-quality certified vehicles at great prices through a fully online customer experience. At Clutch.ca, customers browse inventory online, buy the car that's right for them, and enjoy effortless at-home delivery backed by a 100%...

Steve Seibel
Founder & COO

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Funding announcement

Clutch raises $60 million to bring the best car buying experience to Canadians

Clutch raises $60 million to bring the best car buying experience to Canadians

A Better, Faster, and Easier Way to Buy a Car For most, a car is the second-largest purchase they will make in their lifetimes, yet 81% hate the car buying process. For those buying a used car, it is often a frustrating and time-consuming experience that leaves them feeling that they paid too much for a car that may turn out to be a “lemon”. Historically, the prospect of buying a new car would elicit feelings of anxiety, stress, and uncertainty. So many questions come to mind: Is this the right car for me? Is this a good quality car? Am I getting a good deal? Are there any catches, hidden fees, or fine print? What if I change my mind after a week? In a world where you can buy groceries on Instacart, order food on Uber Eats, and stream movies on Netflix, Clutch is modernizing the car buying experience. In 2016, my friend and partner, Stephen Seibel, founded Clutch because of the terrible experience he had trying to purchase a car with his wife. Being a passionate car buff from a young age, Stephen believed there was an opportunity to put customers’ interests first and build a company that improved lives by providing consumers with affordable, safe, and reliable transportation. From the beginning, Clutch was founded on the commitment to create an outstanding used car buying experience for Canadians. Clutch delivers an incredible customer experience including pre-approval for financing; online browsing of a wide selection of used vehicles, all of which have passed a 210-point inspection; free delivery to customers’ homes; and a 10-day, money-back guarantee. We not only want to raise the bar for buying a pre-owned vehicle but also set a new standard for consumer retail more broadly. Raising Capital to Expand Our Footprint In order to expand our service to more Canadians, today we are excited to announce that we have raised $20 million in equity financing led by Caanan and $40 million in debt financing from Upper90. Other investors in the equity financing include Upper90, Stephen Chau (former Head of Product at Uber Eats), and previous investors BrandProject, Real Ventures, FJ Labs, and Global Founders Capital. I am so thrilled to be partnering with Laura Chau from Canaan and welcoming her to our board of directors. We are very much aligned around building a long-term, sustainable business that positively impacts the communities in which we operate. This capital raise marks an important milestone for the team but also represents the fact that we are just getting started. Today, Clutch is in Halifax, Toronto, Vancouver, and will soon be launching in other cities across the country. The core mission of customer-first continues to be foundational in everything we do and we prioritize this ahead of short-term profits. We save consumers money by providing the best value on cars and a range of financing options; we save consumers time by offering online shopping and home-delivery; and we remove the stress by ensuring the quality of our vehicles through our 210-point inspection of every vehicle and our 100% money-back guarantee. Our Team Has Been Clutch For many of us, it has been a challenging year. Early last year, we were running out of cash, the world was faced with an unprecedented pandemic and we saw sales decline by 80% in April 2020. However, we then saw demand rebound quickly as consumers looked for safer alternatives to Uber, taxis, and public transit and appreciated the online shopping experience and contactless delivery approach that Clutch offered. By June, we were seeing record demand, and growth has continued unabated since then. It has been a rollercoaster ride for the entire team. I feel incredibly fortunate to be working with such talented, caring, resilient, creative, and hardworking individuals. In sports, “being clutch” often refers to players that are able to perform in high-pressure situations. Over the past year, everyone at the company has certainly come in clutch and I am so proud of our team. To everyone at Clutch, thank you for your effort, passion, dedication, and perseverance!

Partnership announcement

Clutch Partners with Tree Canada to Make Car Ownership More Sustainable

Clutch Partners with Tree Canada to Make Car Ownership More Sustainable

Clutch, Canada’s first online car retailing platform, is delighted to announce its partnership with Tree Canada, Canada’s only national tree-planting non-profit. In May 2020, Clutch began a pilot program to plant trees with the purchase of every Clutch vehicle. Today, Clutch is excited to announce that we have entered into a long-term partnership with Tree Canada to plant three trees through their National Greening program for every car purchased at Clutch, resulting in tens of thousands of dollars in contribution each year. Clutch is bringing a best-in-class e-commerce experience to the Canadian used car industry. By visiting Clutch.ca, customers can browse a large selection of high-quality vehicles at low prices and access an end-to-end online purchase experience which includes financing, extended warranty, insurance, and at-home test drives and delivery. Clutch’s mission is to provide customers with a delightful car buying experience while making a positive impact on the communities in which it operates. As such, we recognize that we have a responsibility to operate our business sustainably and ethically. Cars are vital to the way we live and work. They help us get to work, drop-off our children at school and take our families on vacation. Gasoline-powered vehicles still constitute the substantial majority of cars on the road making up over 96% of all light-duty vehicle sales in Canada. Behind the oil and gas sector, the transportation sector is the largest emitter of greenhouse gas in Canada and within the transportation sector, cars and light trucks are responsible for nearly half of the emissions. Planting trees is a solution to fight climate change. Trees store carbon in the land instead of the air and reduce the amount of heat-trapping greenhouse gases emitted into the atmosphere. One of our core values is to build for the future and our partnership with Tree Canada is one of many steps in contributing to our overall mission to making a positive impact on our community. We are excited to continue our long-term partnership with Tree Canada to drive towards a greener future for Canada. To learn more about Clutch’s sustainability efforts, visit www.clutch.ca/sustainability. About Clutch Clutch is a Toronto-based technology company that is reinventing the way people buy and own cars. Clutch offers high-quality certified vehicles at great prices through a fully online customer experience. At Clutch.ca, customers browse inventory online, buy the car that’s right for them, and enjoy effortless at-home delivery. Clutch’s mission is to provide customers with a delightful car buying experience by offering high-quality cars at great prices with ultimate convenience while making a positive impact on the communities in which it operates. About Tree Canada Tree Canada is the only national non-profit organization dedicated to planting and nurturing trees in rural and urban environments. Through its programs, research, and education efforts, Tree Canada has helped restore tree cover in areas hit by natural disasters, guided communities in managing their urban forests, helped green 600 schoolyards, and organized urban forest conferences. To date, with its community partners and sponsors, it has planted more than 82 million trees.

Funding announcement

Clutch Raises $7M to Continue Building Canada's First Online Car Retailer

Clutch Raises $7M to Continue Building Canada's First Online Car Retailer

Clutch, Canada's first online car retailing platform, has raised $7 million in Seed financing with their recent round led by Real Ventures. BrandProject, FJ Labs, Azure Capital Partners, and Global Founders Capital also participated in the round. Janet Bannister, Managing Partner of Real Ventures and founder of Kijiji.ca will be joining the Clutch Board of Directors. At Clutch.ca, customers can browse a large selection of high-quality vehicles at low prices and access an end-to-end online purchase experience which includes financing, insurance, and at-home test drives and delivery. Clutch ensures complete peace-of-mind with each car being backed with a standard 7-day money-back guarantee. Customers have loved Clutch's fast and easy car buying experience. Andrew Bruce, a recent customer, said, "I had an awesome experience buying from Clutch. Completely online. I selected the car, applied for financing and got the car delivered to me without having to leave my house. The car also came with a 7-day money-back guarantee that gave me full confidence in buying the car." Clutch is led by Dan Park and Steve Seibel who are passionate about applying technology to make buying a car easier, more transparent and fun. Park, CEO of Clutch said, "The convenience of buying a car online has become more important than ever. For many, owning a car provides essential transportation and freedom to get to where you need to go. We are excited to bring Canadians a better way to buy a car." "Increasingly, customers are demanding an easy, transparent, risk-free way to buy all goods and services online. While the auto industry has traditionally lagged other categories in providing consumers with this type of offering, Clutch is changing this. For the first time, Clutch is offering Canadians a best-in-class e-commerce experience for used cars. Clutch has quickly established itself as the leader in Canada," said Janet Bannister, Managing Partner of Real Ventures. Andrew Black, CEO of BrandProject and Board Member at Clutch added, "Dan and Steve are building an exceptional team-oriented culture committed to always putting the customer at the center of everything they do. We are very excited to continue supporting Clutch in building the easiest, most trusted and transparent way to buy a car." Started in 2016, the company began its operations in Halifax and has quickly become one of the leading car retailers in Atlantic Canada. "Clutch was borne out of my frustration with the traditional car-buying process which instills very little confidence and takes hours," said Steve Seibel, founder and COO of Clutch. "Our company was founded on a number of core values including building trust with our customers, making magic with every purchase, and building a company that makes a positive impact on our communities." The company plans to use the new capital to help scale its business in each of the cities that it operates, as well as grow the team. To learn more about Clutch visit www.clutch.ca. About Clutch Clutch is a Toronto-based technology company that is reinventing the way people buy and own cars. Clutch offers high-quality certified vehicles at great prices through a fully online customer experience. At Clutch.ca, customers browse inventory online, buy the car that's right for them, and enjoy effortless at-home delivery. Clutch's mission is to provide customers with a delightful car buying experience by offering high-quality cars at great prices with ultimate convenience while making a positive impact on the communities in which it operates.

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