VANCOUVER, British Columbia -

KAR Global certainly appears to have an interest in more than just the Canadian wholesale market stemming from its investment decisions.

On Wednesday, Canada Drives, an online car shopping and to-your-door delivery platform, announced the close of $100 million in funding, led by Jeffrey Housenbold’s Honor Ventures with participation from KAR and other strategic investors.

According to a news release, the investment will be used to further expand Canada Drives service across Canada to new markets.

Founded in 2010, Canada Drives has been one of the largest online automotive finance companies in the country, helping more than 1 million Canadians finance vehicles during the past decade.

In May, Canada Drives expanded its retail model from British Columbia to Ontario, allowing customers to purchase certified pre-owned vehicles online and have them delivered as soon as the same day.

“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,” Canada Drives co-chief executive officer Cody Green said in the news release.

“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,” Green continued.

Canada Drives said it currently has more than 1,000 vehicles available for sale in BC and Ontario and is scaling rapidly to grow that number.

Since expanding from BC to Ontario, Canada Drives highlighted that it has seen its customer base growing by 50% month over month.

The company went on to mention this round of funding brings “exciting new growth opportunities,” including the expansion of its 500-person workforce by more than 200 employees in the next 12 months.

In addition to opening new markets, Canada Drives said it also plans to more than double the amount of CPO vehicles available to shoppers in existing markets with this new investment.

Also according to the announcement, 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, 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, who is the founder of Honor Ventures.

“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,” he added.

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