Canaan has led a $20M Series A investment in Clutch, an innovative Canadian auto retailer, to revolutionize the car-buying experience through a seamless online platform.

Information on the Target

Clutch is an innovative automotive retail startup based in Canada, dedicated to enhancing the car-buying experience through a seamless online platform. Founded by CEO Dan Park and COO Steve Seibel, Clutch aims to address longstanding inefficiencies and frustrations associated with purchasing a vehicle. Unlike traditional dealerships, which often involve lengthy negotiations and questionable vehicle quality, Clutch offers a vertically-integrated approach, delivering vetted inventory, competitive pricing, financing options, and even home delivery, coupled with a 100% money-back guarantee.

The Canadian automotive market has historically lacked a nationwide dealership franchise and has seen minimal technological advancements in recent decades. Clutch seeks to revolutionize this space by capitalizing on the need for a more trustworthy and efficient car-buying process. Their commitment to customer satisfaction and high-quality service positions them as a key player poised to lead the evolution of auto retail in Canada.

Industry Overview in Canada

The automotive industry in Canada is a significant component of the national economy, valued at approximately $22 billion CAD. It encompasses manufacturing, sales, and services related to vehicles, but has been slow to embrace technological