Clutch announced as one of Deloitte's Technology Fast 50™ and Fast500™ program winners for 2023
Clutch ranks number 9 on the Fast50 list and number 75 on the Fast500 list
TORONTO, Nov. 8, 2023 /CNW/ - Today Clutch received recognition as part of the 2023 Deloitte Technology Fast 50TM awards program for its rapid revenue growth, entrepreneurial spirit, and bold innovation.
Celebrating its 26th anniversary, the program recognizes Canada's 50 fastest-growing technology companies based on the highest revenue-growth percentage over the past four years. Clutch ranks No. 9 with a 2,071 percent in revenue growth from 2019 to 2022. Deloitte Technology Fast 50 program winners consist of public and private companies in the technology sector that are transforming the industry. Clutch previously ranked No. 11 as a Deloitte Technology Fast 500 award winner for 2022.
Clutch also ranked No. 75 on the Deloitte Technology Fast 500™, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America, now in its 29th year. Clutch previously ranked No. 67 as a Deloitte Technology Fast 500 award winner for 2022.
Overall, 2023 Technology Fast 500 companies achieved revenue growth ranging from 201% to 222,189% over the three-year time frame from 2019 to 2022, with an average growth rate of 1,934% and median growth rate of 497%.
Clutch's CEO Dan Park, credits the convenience, transparency and affordability Clutch offers when it comes to both the car buying and selling experience, as well as its industry-leading technology with the company's 2,071 percent revenue growth. Park said, "We are extremely proud to be a winner of both Deloitte's Technology Fast 50 and Fast 500 programs again this year. Clutch has seen tremendous growth over the past few years as we work to revolutionize the used-vehicle industry and this could not be possible without our incredibly passionate and talented team of innovators who are dedicated to challenging and changing an outdated industry model."
"It's inspiring how this year's exceptional cohort of Technology Fast 50 winners have delivered outstanding revenue growth even in the face of prevailing uncertainties in the economy and marketplace," commented Anders McKenzie, partner and national leader for the Technology Fast 50 program at Deloitte Canada. "Fueled by exemplary innovation, creativity, resilience, adaptability, along with superior business leadership, these companies are paving the way as catalysts in their respective sectors and delivering growth and value to the Canadian economy both at home and beyond."
To qualify for the Deloitte Technology Fast 50 ranking, companies must have been in business for at least four years, have a minimum revenue of $50,000 in 2019 and $5 million in 2022, be headquartered in Canada, own proprietary technology, conduct research, and development activities in Canada and invest a minimum of five percent of gross revenues in R&D.
The Deloitte Technology Fast 50 program is Canada's preeminent technology awards program. Celebrating its 26th anniversary, the program recognizes business growth, innovation, and entrepreneurship in four distinct categories: Technology Fast 50 ranking, Enterprise—Industry leaders, Clean Technology, and Companies-to-Watch. The program also recognizes companies within the North American Technology Fast 500 ranking, identifying thriving technology companies in the United States and Canada. The 2023 program sponsors include Deloitte, RBCx, Osler, EDC, CCI, TMX, Clarity, and Lafond. For further information, visit www.fast50.ca.
Now in its 29th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2019 to 2022. In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year operating revenues of at least US$50,000, and current-year operating revenues of at least US$5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.
Founded in 2017, Clutch is Canada's first and largest online used car retailer, delivering a seamless, hassle-free car buying and selling experience to Canadian drivers. Created to modernize the used car market, Clutch lets customers shop hundreds of high-quality cars and access an end-to-end online purchase experience that includes financing, warranties, and seamless home delivery. Plus, customers get to enjoy peace of mind with a 10-Day Money-Back Guarantee. Headquartered in Toronto, Clutch currently services Ontario, New Brunswick, Nova Scotia, and Prince Edward Island. Clutch is backed by a number of world-class investors, including Canaan, Brand Project, Real Ventures, D1 Capital, BMO, FJ Labs, Global Founders Capital, and Azure Capital Partners. To learn more, visit clutch.ca.
SOURCE Clutch Technologies Inc.
PR Contact: Whitney Bell, Clutch, 647-409-8873, [email protected]
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