Clutch

Toronto-based Clutch, Canada’s leading online used car retailer, has appointed former BMO Financial Group executive Tom Flynn to its Board of Directors. Flynn brings over 25 years of financial leadership experience, including serving as BMO’s Chief Financial Officer and Chief Risk Officer, and currently sits on TELUS Corporation’s board.

“Tom’s appointment marks a significant milestone for Clutch,” said CEO Dan Park. “His governance experience will help accelerate our national expansion.” Flynn, who holds degrees from Western University’s Ivey School of Business, said he looks forward to supporting Clutch’s continued growth in Canada’s digital automotive marketplace.

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Toronto-based Clutch has opened a 30,000-square-foot facility at 5400 Minoru Boulevard in Richmond, marking a major step in its national expansion. Founded in 2016 by Steve Seibel, the online car retailer previously operated from the same site between 2021 and 2023.

CEO Dan Park says the hub will serve as Clutch’s operational headquarters for B.C., handling vehicle reconditioning and logistics. Each car undergoes a 210-point inspection, with top vehicles earning a Clutch Certified designation. The company, which sells over 10,000 vehicles annually, plans to hire up to 1,000 employees locally within two years.

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Toronto-based online car retailer Clutch has raised $50 million in a Series D round led by Altos Ventures, an early investor in Roblox. New investors Industry Ventures and BMO Capital Partners joined, alongside Flight Deck Capital and FJ Labs. The funding boosts Clutch’s valuation above $575 million, recovering from its 2023 downturn.

CEO Dan Park noted that 2022 and 2023 were difficult years, but sees investor confidence returning. Clutch has quadrupled revenue over three years and turned profitable in 2023. The company plans to hire 100 employees as it expands operations.

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