Canada Drives lands $10M in equity funding
Online car shopping and delivery platform Canada Drives said Thursday it has closed another $10 million (CAD) in equity funding from existing strategic investors. This follows a $40 million funding round in June from goeasy Ltd.
Canada Drives, which has expanded from British Columbia to Ontario, Alberta and Saskatchewan since launching its platform in 2020, said the new funding will help it expand its market count further.
“Since launching, we've built trust with thousands of Canadians who have sold and bought cars through Canada Drives. We continue to deliver best-in-class service with our transparent and streamlined offering, and remain the industry leader in the online auto-retailing space,” Canada Drives co-CEO Cody Green said in a news release.
“With these new funds, we now have our sights set on expanding further across the country to give Canadians coast-to-coast the ability to buy and sell their cars completely online,” Green said.
He added: “Our strategic partners have seen how quickly we reached per unit profitability earlier this year and the continued progress since then. We’re grateful to have strong strategic partners who understand our business and the scalability of our offering to Canadians.”