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Online Used Car Retailer Clutch Lays Off 148 Staff After Uncertainty on Planned $95 Million Series-C Financing Round
Friday, January 20, 2023Company Profile | Follow Company
Richmond, BC, January 20, 2023--(T-Net)--Clutch, a Canadian national online used car retailer with corporate head offices in Toronto and additional head offices in BC, announced in a blog post that the company has laid off 148 staff this week, after the certainty and timing of its planned $95 million Series-C financing round came into question.
The company says it made the difficut decision to reduce its headcount, and to refocus their business in Ontario and the Maritimes.
The company announced earlier this year in May 2022 that they had raised $60 million in new financing ($20 million in new equity financing led by Caanan, and $40 million in debt financing from Upper90), in order to expand their service to more Canadians.
The company says it grew 133% in 2022, deliver on a $200M+ revenue target.
Other online media sources are reporting that Canada Drives, a similar type business, has also initiated layoffs.
Dan Park, CEO, Clutch
See the full blog post and letter from CEO Dan Park here.
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