Participated · Equity · Aug 2021

Canada Drives operates a 100% online car shopping and to-your-door delivery platform that lets customers shop for certified used vehicles, pay in full or finance, sign documents online, and receive delivery as quickly as the same day. Since launching its platform in 2020, the company has expanded from British Columbia into Ontario, Alberta and Saskatchewan and reports over one thousand shoppable vehicles across its markets. The platform also offers a “Sell My Car” feature that provides quotes in under two minutes, pays off existing loans, and can complete transactions in as little as 48 hours. Canada Drives says it is available to over 20 million Canadians and reported Q3 year-over-year sales growth of 83% with inventory up 27% quarter-over-quarter. Management states the business reached per-unit profitability earlier this year and emphasizes trust, transparency and a streamlined customer experience. The company plans to use new funding to expand into additional Canadian markets coast-to-coast. Canada Drives operates a 100% online car-shopping platform offering certified used vehicles with to-your-door delivery, online financing, and remote document signing. The company is operational in British Columbia, Alberta, Ontario and Saskatchewan and is available to over 25 million Canadians. It supports buying, selling, and trading vehicles, including a fully automated "Sell My Car" feature launched in May 2022, and offers same-day delivery in some cases. Canada Drives reported a 580% increase in sales over the past year and plans to double the amount of certified used vehicles available in existing markets. The company is using new capital to expand into additional provincial markets, grow inventory, and enhance its digital platform and services. Canada Drives previously completed a $100M CAD fundraising in early 2021. Canada Drives operates a 100% online platform for shopping certified used vehicles with financing options, digital document signing, and same-day doorstep delivery. The company offers over 1,000 vehicles across more than 35 makes and 170 models and has helped over 1M Canadians finance and purchase cars. Since expanding from British Columbia to Ontario in May 2021, its customer base has grown roughly 50% month over month. Canada Drives plans to expand its service to new Canadian markets and more than double certified used-vehicle inventory in existing markets. The company intends to scale its workforce—growing a 500-person team by over 200 in the next 12 months—to support national expansion. Management cites a goal to be able to fully service over 80% of Canadians with its purchasing and delivery service by the end of the year.