Clearco Revenue, Valuation, Funding & Investors
Clearco is valued at $200M as of October 2023.
Last Clearco valuation
$200M
Series D · Oct 2023
Last Clearco funding round
$60M
Series D · Oct 2023
Clearco revenue
$60M
Series C · Jul 2021
Key investors in Clearco
Inovia Capital
Emergence Capital
Highland Capital Partners
Founders Circle Capital
Bossa Invest
SoftBank Group
About Clearco
Clearco is a Toronto-headquartered fintech platform that advances non-dilutive capital to e-commerce merchants and SaaS companies based on revenue data. The service analyzes Shopify, Amazon, and AdWords metrics to underwrite loans repaid via fixed revenue shares. Clearco has deployed over $2.5 billion to more than 10,000 brands including Stanley, Allbirds, and MVMT. It operates in the U.S., Canada, UK, and EU with funding from investors like SoftBank and Inovia Capital.
Founded
2015
HQ
TorontoWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Revenue
$60M (Jul 2021)
Valuation
$200M (Oct 2023)
Clearco Valuation
Clearco is currently valued at $200M, based on its Series D in October 2023.
The $60M round was led by Founders Circle Capital and Inovia Capital.
Clearco's valuation has moved from $240M at its Series B in July 2019 to $200M in October 2023, across 4 priced rounds.
Clearco valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Oct 2023 | Series D | $200M | - |
| Jul 2021 | Series C | $2B | 33.3x |
| Apr 2021 | Series C | $1.6B | 27.0x |
| Jul 2019 | Series B | $240M | - |
Clearco Revenue
Clearco's latest recorded revenue is $60M, as of its Series C in July 2021. At a $2B valuation, that implies a 33.3x revenue multiple.
Revenue moved from $60M in April 2021 to $60M in July 2021, while the revenue multiple moved from 27.0x to 33.3x.
Clearco revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jul 2021 | $60M | $2B | 33.3x | Series C |
| Apr 2021 | $60M | $1.6B | 27.0x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Clearco Funding History
Clearco has raised a total of $512M across 6 funding rounds.
Clearco's first fundraising round was a $70M Series A in November 2018. The most recent completed round was a $60M Series D in October 2023.
Clearco funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2023 | Series D | Founders Circle Capital (lead); Inovia Capital (lead) | $60M | $200M | Clearco, a Toronto-based fintech providing AI-driven revenue-based financing to e-commerce businesses, announced a $60 million USD Series D funding round in October 2023 led by existing investors Inovia Capital and Founders Circle Capital, as part of a broader recapitalization effort. This followed challenges including staff layoffs, a CEO change from co-founder Michele Romanow to Andrew Curtis in January 2023, and the SVB collapse impacting its debt; Inovia, Founders Circle, and SVB Capital bought back Clearco's $60 million term loan from SVB's Canadian branch and converted the bulk into equity. The company also secured a new up to $100 million asset-backed facility from Pollen Street Capital to fund advances. Clearco had previously raised over $400 million in equity, reaching a peak valuation over $2 billion after a $100 million Series C in 2021, but was reportedly seeking a valuation around $200 million for this round—a 90% drop—amid investor negotiations where non-participating stakeholders faced dilution. The funding aims to support growth of its streamlined Invoice Funding product, offering predictable terms of 4-6 months for inventory and marketing invoices between $10,000 and $2 million. To date, Clearco has funded over 10,000 e-commerce businesses with more than $2.5 billion advanced. This recapitalization positions Clearco for recovery in a tough funding environment, with venture capital down 48% in early 2023 and tightened bank lending. The company pivoted over the prior 12 months to focus on sustainable operations, adding open headcount for about 10 roles post-transaction, and refuting shutdown rumors while emphasizing scalability for e-commerce growth capital needs. |
| Oct 2022 | Undisclosed stage | Andrew D'Souza; Michele Romanow | $17M | - | - |
| Jul 2021 | Series C | SoftBank Group (lead); Bow Capital; Brookfield Growth; Intuit; Karman Ventures; Park West Asset Management | $215M | $2B | Clearco, formerly Clearbanc, is a Toronto-based fintech providing non-dilutive capital to e-commerce and online companies through revenue-share financing, ranging from $10,000 to $10 million, based on revenue and ad spend, with a 6% fee upon repayment typically within a year. The company has advanced over $2.5 billion to more than 5,500 companies, funding eight times more female-led businesses than traditional VC and 30% led by BIPOC founders, using an AI-driven platform. It expanded products to include ClearAngel for early-stage revenue-share funding (2% of revenue for four years without equity), inventory purchasing, valuation tools, and a Venture Partner Network, rebranding to reflect a full-stack founder platform. On July 8, 2021, Clearco raised $215 million USD ($268 million CAD) in a growth equity round led by SoftBank Vision Fund 2, marking SoftBank's first Canadian Vision Fund investment, with participation from Intuit, Bow Capital, Park West Asset Management, Brookfield Growth, and Karman Ventures—all new investors. This followed a prior $100 million equity round in April 2021 that valued the company at $2 billion (quintupled from previous), plus $250 million debt, bringing total equity raised over $681 million. Funds support accelerated international expansion beyond North America and Europe, including M&A to counter copycats in emerging markets, new executive hires like Chief Growth Officer Ruma Bose and UK Head Sarah Clark, and building a global founder hub removing equity-for-capital barriers. Clearco aimed to back a million founders worldwide with its model, leveraging SoftBank's network for resources and growth, while maintaining rapid deployment like its '20-minute term sheet.' The 378-employee firm sourced advance capital from institutional investors and banks, capable of deploying billions more. |
| Apr 2021 | Series C | Oak HC/FT (lead); Highland Capital Partners; Emergence Capital; Founders Circle Capital; Christian Martinez; Inovia Capital; Holland George Capital Management; Envestors; Bossa Invest | $100M | $1.6B | Clearco, formerly Clearbanc, is a Toronto-based financial technology company providing non-dilutive financing to e-commerce and online businesses, including revenue-share capital, inventory purchases, and software tools for growth, without taking equity from founders. It deploys capital rapidly based on data, with products like 20-minute term sheets for marketing capital from $10,000 to $10 million, and ClearInventory where it buys inventory for cost plus 6% fee repaid as products sell. On April 20, 2021, Clearco announced a Series C round raising $100 million in equity led by Oak HC/FT, with participation from investors including Founders Circle, Emergence Capital, Inovia Capital, Highland Capital Partners, and others, alongside $250 million in debt. The equity round valued the company at nearly $2 billion post-money, marking unicorn status and a significant jump from its prior Series B valuation. By the round date, Clearco had deployed over $2 billion across more than 4,500-4,600 companies in all 50 US states, all Canadian provinces/territories, and the UK, with 55% of US funding outside traditional tech hubs. Last year (2020), it spent $1 billion on companies, generating around $60 million in sales from 6% fees across its capital products, though ARR was not disclosed and the company remained unprofitable. The funding supports expansion of its product suite, including performance financing, ClearAngel for early-stage founders, and data-driven tools for valuations and growth. Investors highlighted Clearco's role in democratizing capital access beyond traditional VC, with notable backers from Stripe, Square, Affirm, and more joining. |
| Jul 2019 | Series B | Highland Capital Partners (lead); Emergence Capital; Arcadia Group; Frontline Ventures; Inovia Capital; Golden Ventures | $50M | $240M | Clearco, founded in 2015 as Clearbanc and later rebranded, provides equity-free financing to e-commerce, mobile apps, and SaaS providers through a platform offering investments from $10,000 to $10m based on algorithms analyzing marketing and revenue data, with decisions in 20 minutes and funding in 24 hours. It also offers founders access to networks, insights, and growth advice. In July 2019, Clearco raised a $50 million Series B equity round led by Highland Capital Partners, with participation from Arcadia Group, iNovia Capital (now Inovia), and Emergence Capital, alongside $250 million from limited partners for its third fund, totaling $300 million in commitments. Prior to this, it secured $70 million in Series A funding in 2018 from investors including Emergence Capital, Social Capital, CoVenture, Founders Fund, and 8VC, bringing total equity to $120 million pre-2019 round. The 2019 funding supported expansion into new verticals beyond e-commerce and launched a venture partner program featuring experts like Jack Abraham of Atomic, Jesse Horwitz of Hubble, and Ryan Hoover of Product Hunt to aid portfolio founders. By mid-2019, Clearco had invested in 791 online brands that year, including Le Tote, UNTUCKit, Leesa Sleep, and Public Goods, generating an average of $121 million in monthly revenue across those investments. Subsequent rounds included a $100 million Series C in April 2021 led by Oak HC/FT at nearly $2 billion valuation, plus $250 million debt, and a $215 million round mentioned later for expansion and new services like enhanced financing suites. Clearco aimed to back 2,000 companies by 2020 using its rapid '20-minute term sheet' model to disrupt traditional VC with revenue-share agreements powered by data and machine learning. |
| Nov 2018 | Series A | Emergence Capital (lead); Social Capital (lead) | $70M | - | Clearco, formerly Clearbanc, is a Toronto-based fintech providing revenue-based financing to e-commerce and online businesses, offering non-dilutive capital in exchange for a revenue share rather than equity. Founded in 2015, it uses data-driven underwriting to fund marketing, inventory, and growth needs for startups. By November 2018, Clearbanc had deployed over $100 million into 500 companies that year alone. The specified round was a combined seed and Series A raising $70 million from Emergence Capital, Social Capital, CoVenture, Founders Fund, 8VC, and others, with Emergence's Santi Subotovsky joining the board. Later rounds provide context: a 2021 Series C valued Clearco at nearly $2 billion after a $100 million equity raise led by Oak HC/FT, following a $215 million round with SoftBank. By 2023, amid fintech downturns, Clearco executed a recapitalization with a $60 million Series D from Inovia Capital and Founders Circle, plus asset-backed financing, after seeking a $200 million valuation—down 90% from prior peaks. It has advanced over $2.5-3 billion to 10,000+ businesses total. |
Who has invested in Clearco?
21 investors have backed Clearco across its funding rounds, including Inovia Capital, Emergence Capital, Highland Capital Partners, Founders Circle Capital, Bossa Invest and SoftBank Group.
Lead investors include Founders Circle Capital, Inovia Capital, SoftBank Group, Oak HC/FT, Highland Capital Partners and 2 other investors.
Clearco Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 San Francisco, CA | 3 | Lead | Nov 2018 | |
| Montreal | 3 | Lead | Jul 2019 | |
| Lexington, KY | 2 | Lead | Jul 2019 | |
| San Francisco, CA | 2 | Lead | Apr 2021 | |
 Tokyo | 1 | Lead | Jul 2021 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Andrew D'Souza | Toronto | 1 | Participant | Oct 2022 |
| San Francisco, CA | 1 | Participant | Jul 2021 | |
| San Francisco, CA | 1 | Lead | Nov 2018 | |
 London | 1 | Participant | Jul 2019 | |
| Christian Martinez | United States | 1 | Participant | Apr 2021 |
| London | 1 | Participant | Jul 2019 | |
| Greenwich, CT | 1 | Lead | Apr 2021 | |
| New York City, NY | 1 | Participant | Apr 2021 | |
This data is available for Pro users. Sign up to see all 21 Clearco investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialInvestments by Clearco
Clearco has invested in 3 companies to date.
Latest investment by Clearco was on May 21st 2023. Clearco invested in Spooler™ est 2016 in their $300K Seed round.
Latest Investments by Clearco
| Description | - | The Naked Market is a New York-based consumer goods company building a portfolio of better-for-you food and beverage brands since 2020. It owns The Good Crisp Company, offering veggie-based chips in flavors like Himalayan pink salt, distributed in 5,000 U.S. stores including Target and Kroger. Additional brands focus on plant-based snacks with under 100 calories per serving, emphasizing non-GMO ingredients and sustainable packaging. The firm raised Series A funding to accelerate retail expansion nationwide. | Lilia is a San Francisco-based fertility service coordinating egg freezing for women. The company arranges clinic appointments, hormone treatments, and storage logistics nationwide in the US. Founded in 2019, Lilia partners with reproductive centers to simplify cryopreservation processes. |
| HQ Country | | | |
| HQ City | - | San Francisco, CA | Toronto |
| Deal Date | 21 May 2023 | 11 Nov 2021 | 2 Aug 2019 |
| Round | Seed | Series A | Pre-seed |
| Raised | $300K | $28M | $800K |
| Investors | Shopify; PayPal; Capital Factory | Integrated Capital; Sope Creek Capital; Great Oaks Venture Capital; Pacific Tiger Group | Panache Ventures; Hedgewood; Huda Idrees; Ramen Ventures; Hustle Fund |
| Valuation | $10M | undisclosed | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all Clearco investments and their VC round multiples. Start Free Trial | |||
Clearco Competitors
Clearco competitors include listed companies like eGuarantee and Veefin, and private ones like Rupeek, Duanrong, Marketlend and Loanboox.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Bangalore | Private | $10M | - | $219M | 21.9x | |
 Beijing | Private | - | - | $152M | - | |
 Sydney | Private | - | - | $124M | - | |
 Zurich | Private | - | - | $123M | - | |
| Japan | Publicly listed | $71M | $34M | $515M | 6.1x | |
| India | Publicly listed | $36M | $8M | $64M | - |
Clearco Public Comps
Clearco is still privately-owned, but its public comps include TriplePoint Venture Growth, Solvar, Consumer Portfolio Services, RentGuarantor Holdings, Garanti Faktoring, X Financial, Resimac Group, Security National Financial, Stellus Cap Investment and Better Home & Finance.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $98M | - | 6.5x | 7.0x | - | - | |||
| $135M | $62M | 4.4x | 4.3x | 9.6x | 8.7x | |||
| $202M | - | 18.3x | 8.5x | - | - | |||
| $3M | ($2M) | 63.9x | 13.9x | (114.2x) | 50.3x | |||
| $83M | - | 9.4x | - | - | - | |||
| $1.1B | $258M | 0.1x | - | 0.3x | - | |||
| $114M | - | 98.7x | 17.9x | - | - | |||
| $345M | $55M | 0.5x | - | 3.5x | - | |||
This data is available for Pro users. Sign up to see all Clearco competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Clearco
| When was Clearco founded? | Clearco was founded in 2015. |
| Where is Clearco headquartered? | Clearco is headquartered in Toronto, Canada. |
| Is Clearco publicly listed? | No, Clearco is a private, VC-backed company. |
| What is Clearco's valuation? | Clearco was last valued at $200M in its Series D in October 2023. |
| How much funding has Clearco raised? | Clearco has raised $512M across 6 funding rounds. |
| What was Clearco's last funding round? | Clearco's last funding round was a $60M Series D in October 2023, led by Founders Circle Capital and Inovia Capital. |
| Who are Clearco's investors? | Clearco's investors include Emergence Capital, Inovia Capital, Highland Capital Partners, Founders Circle Capital, SoftBank Group, Andrew D'Souza, Bow Capital, Social Capital, Arcadia Group, Christian Martinez and 11 others. |
| What is Clearco's revenue? | Clearco's latest recorded revenue is $60M (July 2021). |
| What is Clearco's revenue multiple? | Clearco's latest valuation implies a 33.3x revenue multiple ($2B valuation on $60M of revenue). |
| Which companies are comparable to Clearco? | Companies comparable to Clearco include Rupeek, Duanrong, Marketlend, Loanboox, eGuarantee and Veefin. |
| How many companies has Clearco invested in? | Clearco has invested in 3 companies, including Spooler™ est 2016, The Naked Market and Lilia. |
| What was Clearco's last investment? | In May 2023, Clearco invested in Spooler™ est 2016's $300K seed round alongside Shopify, PayPal and Capital Factory. |
See companies similar to Clearco
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.