Vancouver’s Canada Drives has closed a $100 million funding round led by Jeffrey Housenbold’s Honor Ventures with participation from KAR Global and other strategic investors.
Founded in 2010, Canada Drives has been the largest online automotive finance company in the country, helping over 1 million Canadians finance and purchase cars in the past decade.
In May 2021, Canada Drives expanded its retail model from British Columbia to Ontario, allowing customers to purchase certified used vehicles online and have them delivered as soon as the same-day.
This round of funding brings exciting new growth opportunities for the company including growing their 500 person team by over 200 in the next twelve months.
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In addition to opening new markets, Canada Drives plans to more than double the amount of certified used vehicles available to shoppers in existing markets with this new investment.
“This is an amazing time to be a car shopper in Canada. We are excited to be bringing our online car shopping and to-your-door delivery experience to more markets in the coming months.” said Cody Green, Co-CEO of Canada Drives.
“This funding will support us in our goal of being able to fully service over 80% of Canadians with our car purchasing and delivery service by the end of the year.”
Canada Drives currently has over 1,000 vehicles available for sale in BC and Ontario, and is scaling rapidly to grow that number. This used vehicle inventory spans over 35 makes and 170 models ranging from sedans and SUVs to coupes and convertibles.
Jeffrey Housenbold will also join the Canada Drives’ board of directors, bringing 30 years of experience in leading, operating and investing in hyper-growth entrepreneurial companies.
Housenbold was previously a managing partner at the SoftBank Vision Fund and has served on numerous consumer companies’ Boards of Directors including DoorDash, Chegg, Grab, Caesars, Rappi, Groupon, Compass and Opendoor.
“The market need for a digital end-to-end platform to support the full life cycle of the used car-buying experience is clear. The customer growth Canada Drives has seen in only a short amount of time makes it evident they’re providing a service that Canadians want,” said Housenbold.
“I am very excited to be a part of this journey as the Canada Drives team continues its national growth in Canada and captures more mindshare of the Canadian car buyer.”