The online car retailer has seen tremendous growth with a four-year revenue increase of 2,511%
TORONTO, November 16, 2022 — Clutch receives recognition as part of the 2022 Deloitte Technology Fast 50™awards program for its rapid revenue growth and bold innovation after revolutionizing the car buying and selling experience in Canada.
Celebrating its 25th anniversary, the program recognizes technology companies based on the highest revenue-growth percentage over the past four years. Clutch ranks No. 11 with a 2,511 per cent increase in revenue growth from 2018 to 2021.
Deloitte’s Technology Fast 50™program winners consist of public and private companies in the technology sector that are transforming the industry. The program runs alongside the broader Deloitte North American Technology Fast 500™, with winners automatically eligible for this elite ranking.
Clutch also ranked No. 67 on the Deloitte Technology Fast 500™, a ranking of the 500™ fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America, now in its 28th year.
Clutch has revolutionized the way Canadians buy and sell used-cars with its platform rooted in convenience, transparency and affordability. The online platform allows customers to skip the hassle of dealing with salespeople and instead browse, finance, insure, and purchase a quality used-car entirely from the comfort of their home. After the vehicle endures a rigorous h inspection process, it is delivered directly to a customer’s door – making it nearly as easy as ordering a pizza.
“We are extremely proud to be a winner of both Deloitte’s Technology Fast 50 and Fast 500 programs this year,” said Clutch’s CEO, Dan Park. “Clutch has seen tremendous growth over the past few years as we work to revolutionize the used-vehicle industry and this could not be possible without our incredibly passionate and talented team of innovators who are dedicated to challenging and changing an outdated industry model.”
“It’s inspiring how this year’s exceptional cohort of Technology Fast 50 winners have delivered outstanding revenue growth even in the face of prevailing uncertainties in the economy and marketplace,” commented Anders McKenzie, partner and national leader for the Technology Fast 50 program at Deloitte Canada. “Fueled by exemplary innovation, creativity, resilience, adaptability, along with superior business leadership, these companies are paving the way as catalysts in their respective sectors and delivering growth and value to the Canadian economy both at home and beyond.”
To qualify for the Deloitte Technology Fast 50™ ranking, companies must have been in business for at least four years, have revenues of at least $5 million, be headquartered in Canada, own proprietary technology, conduct research, and development activities in Canada and invest a minimum of five percent of gross revenues in R&D.
About Clutch
Founded in 2016, Clutch is Canada’s largest online used car retailer, delivering a seamless, hassle-free car buying and selling experience to Canadian drivers. Created to modernize the used car market, Clutch lets customers shop thousands of high-quality cars and access an end-to-end online purchase experience that includes financing, warranties, and quick home delivery. Plus, customers get to enjoy peace of mind with our 10-Day Money-Back Guarantee. Headquartered in Toronto, Clutch currently services British Columbia, Alberta, Saskatchewan, Ontario, New Brunswick, Nova Scotia, and Prince Edward Island. Clutch is backed by a number of world-class investors, including Canaan, BrandProject, Real Ventures, D1 Capital, Upper90, FJ Labs, Global Founders Capital, and Azure Capital Partners. To learn more, visit clutch.ca.
About the Deloitte Technology Fast 50™ program
The Deloitte Technology Fast 50 program is Canada’s preeminent technology awards program. Celebrating its 25th anniversary, the program recognizes business growth, innovation, and entrepreneurship in four distinct categories: Technology Fast 50 ranking, Enterprise Fast 15, Clean Technology, and Companies-to-Watch. The program also recognizes companies within the North American Technology Fast 500 ranking, identifying thriving technology companies in the United States and Canada. The 2022 program sponsors include Deloitte, RBCx, Osler, EDC, CBRE, Vector Institute, Council of Canadian Innovators (CCI), Clarity Recruitment, Lafond, and TMX. For further information, visit www.fast50.ca.
About the 2022 Deloitte Technology Fast 500™
Now in its 28th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2018 to 2021.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least US$50,000, and current-year operating revenues of at least US$5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.
