News Summary

Toronto-based Clutch, an online car retailer, has achieved a significant milestone by surpassing $1 billion CAD in total vehicles purchased. The company, which buys used vehicles directly from Canadians and sells them through its managed marketplace, took nine years to reach this milestone. However, Clutch is on track to double this amount within the next year, according to co-founder and COO Stephen Seibel. The company’s growth in 2025 has been driven by substantial investments in machine learning for car pricing, expansion into new markets such as Vancouver, and enhanced advertising and marketing efforts. Despite challenges such as layoffs and a tough fundraising environment, Clutch has recovered with a $50-million Series D round and plans to expand further in Western Canada.