Online car shopping platform Canada Drives nets C$10m in follow-on VC

The company's investors include Honor Ventures and KAR Global.

  • Since launching its platform in 2020, Canada Drives has expanded from British Columbia to Ontario, Alberta and, most recently, Saskatchewan
  • The additional funding follows a $40 million investment made by goeasy in June 2022
  • It will allow the company to expand into new markets across Canada

Canada Drives, a Vancouver-based online car shopping and to-your-door delivery platform, has secured C$10 million in follow-on financing. The company’s investors include Honor Ventures and KAR Global.

The additional funding follows a $40 million investment made by goeasy in June 2022. It will allow Canada Drives to expand into new markets across Canada.

Since launching its platform in 2020, Canada Drives has expanded from British Columbia to Ontario, Alberta and, most recently, Saskatchewan. Currently, it is available to more than 20 million Canadians.

“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,” said Cody Green, Co-CEO of Canada Drives, in a statement. “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.”

Despite current economic trends, Canada Drives in the third quarter reported seeing continued growth with an 83 percent increase in year-over-year sales.