Canada Drives Valuation, Funding & Investors

Canada Drives is valued at $437M as of August 2021.

Last Canada Drives valuation

$437M

Series B · Aug 2021

Last Canada Drives funding round

$7M

Series A · Oct 2022

Cumulative funding Canada Drives raised

$193M

across 4 funding rounds

Key investors in Canada Drives

Canada Drives Overview

About Canada Drives

Canada Drives is an online used car retailer facilitating vehicle purchases with home delivery across Canada. Customers browse over 10,000 certified pre-owned vehicles from brands like Honda, Toyota, and Ford. The platform handles financing approvals in under 60 seconds and offers same-day delivery in select markets including Toronto and Vancouver. Canada Drives partners with 50 dealerships nationwide and has facilitated over 100,000 vehicle sales since 2014. The Vancouver-headquartered company operates in all 10 provinces.


Founded

2010

HQ

CanadaVancouver

Status

Privately held

Customer focus

B2C

Revenue model

Commission

Valuation

$437M (Aug 2021)

Canada Drives Valuation

Canada Drives is currently valued at $437M, based on its Series B in August 2021.

The $79M round was led by Honor Ventures, with participation from Openlane.

Canada Drives valuation by funding round

Canada Drives valuation by funding round
DateStageValuation
Aug 2021Series B$437M

Canada Drives Funding History

Canada Drives has raised a total of $193M across 4 funding rounds.

Canada Drives' first fundraising round was a $75M Series A in January 2019. The most recent completed round was a $7M Series A in October 2022.

Canada Drives funding rounds

Canada Drives funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Oct 2022Series A-$7M-Canada Drives, Canada’s largest 100% online car shopping and to-your-door delivery platform, secured a $40 million CAD minority convertible equity investment from goeasy Ltd. in June 2022. This followed a $100 million Series B round in August 2021 led by Honor Ventures with participation from KAR Global and others. The goeasy investment included a strategic commercial partnership making LendCare a preferred non-bank financing provider on the platform. An additional $10 million CAD equity funding from existing strategic investors closed in September 2022 at the same terms and valuation as the goeasy deal, bringing total funding to $150 million CAD. Funds supported expansion into new Canadian markets, inventory growth to over 1,000 shoppable vehicles in British Columbia, Alberta, and Ontario, and team expansion from 500 to 700 members. In Q3 2022, the company achieved an 83% year-over-year sales increase and 27% quarter-over-quarter inventory growth, reaching per-unit profitability earlier that year while serving over 20 million Canadians.
Jun 2022Undisclosed stagegoeasy (lead)$31M-Canada Drives is Canada’s largest 100% online car shopping and to-your-door delivery platform, launched in late 2020, operating in British Columbia, Alberta, Ontario, and Saskatchewan by mid-2022, with plans for national expansion. On June 27, 2022, it secured a $40 million CAD minority equity investment from goeasy Ltd., structured as a convertible note converting into preferred shares, paid in four installments, making goeasy a strategic minority investor with board observer rights. The goeasy investment supports Canada Drives' growth by funding expansion into new provincial markets, doubling certified used vehicle inventory in existing markets, enhancing the digital platform, and launching features like the automated 'Sell My Car' tool. A key component is a strategic commercial partnership where goeasy's LendCare brand provides preferred non-bank financing for non-prime borrowers on the platform, targeting the $58 billion Canadian non-prime automotive finance market. goeasy aims to accelerate its leadership in this space through the partnership. Traction includes serving over 25 million Canadians by mid-2022 (up from 20 million later reports), a 580% sales increase over the prior year, and achieving per-unit profitability earlier in 2022. Total funding reached approximately $150-191 million across rounds by late 2022. The company positions itself as the market leader in online car retailing amid economic headwinds like inflation and rising rates, with strong partner support for scalability.
Aug 2021Series BHonor Ventures (lead); Openlane$79M$437MCanada Drives is Canada's largest 100% online car shopping and to-door delivery platform, originally founded in 2010 as a car financing company before launching its e-commerce platform for used vehicles in 2020. The company operates a digital end-to-end platform enabling customers to shop, purchase, and receive certified used vehicles via trailer delivery within one day of sale, with no haggling allowed on the platform. On August 18, 2021, Canada Drives announced the close of its Series B funding round of $79.4 million USD ($100 million CAD), led by Jeffrey Housenbold's Honor Ventures with participation from KAR Global and other strategic investors. Housenbold joined the Canada Drives board of directors as a result of the investment. At the time of the announcement, the company operated in British Columbia and Ontario, representing approximately half of Canada's population, and had expanded its customer base by 50% month-over-month since entering Ontario in May 2021. The company deployed the Series B capital to expand service into new markets (including Alberta in the coming weeks), grow its team from 500 to over 700 employees (adding approximately 200 people over the following twelve months), increase its inventory of certified used vehicles, and enhance its product and financing capabilities. At the time of funding, Canada Drives held more than 1,000 vehicles for sale across its operating markets. Co-founder and CEO Cody Green stated the company's ultimate goal was to serve 80% of Canadians and noted the company was actively hiring for over 100 positions at the time of the announcement. This Series B round brought Canada Drives' total funding to approximately $159 million USD ($200 million CAD), following a Series A round of $100 million CAD raised in 2019. The funding was announced during a period of accelerating adoption of online car shopping, driven by pandemic-era consumer preference shifts toward digital commerce and direct-to-consumer delivery models in the automotive sector.
Jan 2019Series A-$75M-Canada Drives is an online car shopping and delivery platform focused on used vehicles, originally founded in 2010 as a car financing company. It launched its e-commerce platform for used cars prior to 2021 and operates in provinces like British Columbia and Ontario, with plans to expand to Alberta. The company raised a Series A round of CA$100 million (approximately $79.4 million USD) in January 2019 led by Anthos Capital, bringing total funding at that point to around CA$100 million before subsequent rounds. This was followed by a Series B of CA$100 million in August 2021 led by Honor Ventures with KAR Global and others, and later corporate minority investments in 2022 from Goeasy and others, pushing total funding to about $191 million USD across four rounds. The 2019 funding supported the company's growth in the Canadian used car market, which lags behind U.S. players like Carvana and Vroom but is gaining traction amid global chip shortages boosting used vehicle demand. Canada Drives aimed to enhance its product, grow inventory, and hire staff with proceeds from later rounds. The Canadian tech ecosystem saw strong VC activity in early 2019, with over CA$3.3 billion invested in startups, particularly in AI, fintech, and other sectors, though Canada Drives' automotive e-commerce fits into emerging digital trends. The company competes with emerging players like Clutch, which raised seed funding around the same period.

Who has invested in Canada Drives?

3 investors have backed Canada Drives across its funding rounds, including Openlane, goeasy and Honor Ventures.

Lead investors include goeasy and Honor Ventures.


Canada Drives Investors

Investors in Canada Drives by funding rounds participated
InvestorHQRoundsRoleFirst check
Honor VenturesUnited StatesSan Francisco, CA1LeadAug 2021

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Canada Drives Competitors

Canada Drives competitors include listed companies like GA Technologies, DIP, ZIGExN and Hemnet, and private ones like SODA and CarDekho SEA.

Public and private companies comparable to Canada Drives
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
GA TechnologiesJapanJapanPublicly listed$1.6B$84M$361M0.2x
SODAJapanTokyoPrivate--$336M-
DIPJapanJapanPublicly listed$353M$85M$623M1.5x
CarDekho SEASingaporeSingaporePrivate$50M-$300M6.0x
ZIGExNJapanJapanPublicly listed$188M$38M$290M1.2x
HemnetSwedenSwedenPublicly listed$156M$78M$685M5.2x

Canada Drives Public Comps

Canada Drives is still privately-owned, but its public comps include Aston Martin Lagonda, Gloo, En, trivago, Wirtualna Polska, Stitch Fix, KG Mobility, GA Technologies, eDreams ODIGEO and BiNBiN.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Aston Martin Lagonda$1.7B$191M1.5x1.3x13.1x7.9x
Gloo$95M($136M)5.0x3.0x(3.5x)(11.4x)
En$380M$45M0.7x0.8x6.2x5.5x
trivago$632M$13M0.5x0.5x24.3x10.9x
Wirtualna Polska$585M$102M1.4x1.3x8.1x5.6x
Stitch Fix$1.3B($11M)0.2x0.2x(25.2x)5.4x
KG Mobility$3.1B$169M0.3x0.3x5.4x-
GA Technologies$1.6B$84M0.3x0.2x5.2x4.2x

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Common questions about Canada Drives

When was Canada Drives founded?Canada Drives was founded in 2010.
Where is Canada Drives headquartered?Canada Drives is headquartered in Vancouver, Canada.
Is Canada Drives publicly listed?No, Canada Drives is a private, VC-backed company.
What is Canada Drives' valuation?Canada Drives was last valued at $437M in its Series B in August 2021.
How much funding has Canada Drives raised?Canada Drives has raised $193M across 4 funding rounds.
What was Canada Drives' last funding round?Canada Drives' last funding round was a $7M Series A in October 2022.
Who are Canada Drives' investors?Canada Drives' investors include Honor Ventures, goeasy and Openlane.
Which companies are comparable to Canada Drives?Companies comparable to Canada Drives include GA Technologies, SODA, DIP, CarDekho SEA, ZIGExN and Hemnet.

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