Toronto-based online car retailer Clutch has tapped the co-founder and former CEO of Toronto proptech startup Properly, Anshul Ruparell, as its new chief financial officer (CFO).
In a LinkedIn post announcing the appointment, Clutch CEO Dan Park said that Ruparell has been “behind the scenes” helping to build the auto-selling company for the past five years, first as a friend and advisor before joining its board of directors a year ago in April 2024.
“We’re lucky to see that relationship evolve into a full-time role,” Park told BetaKit. “With his experience as a founder, Anshul brings a rare perspective as we work to build a household name in Canadian auto.”
Ruparell takes C-suite role at Clutch as company bounces back from the downturn.
Park said that Clutch did not have a previous CFO. “We’re adding more firepower to the finance function,” he added. Vice-president of finance Maggie Mo remains with the company and will continue to take on a larger role as Clutch continues to scale, Park said.
Ruparell co-founded Properly, a well-funded, tech-enabled real estate platform, with Craig Dunk and Sheldon McCormick in 2018. The company aimed to improve the home-buying and selling experience for Canadians. But after the real estate market began deteriorating in 2022 as interest rates rose, Properly paused its geographic expansion plans, shedded staff, and pivoted away from its home sale guarantee offering.
Ruparell ultimately exited Properly alongside his co-founders in a September 2023 transaction with American real-estate firm Compass, while Properly’s brokerage and search portal was acquired by Toronto-based digital mortgage startup Pine.
Ruparell is a repeat founder who has previously held roles in private equity and investment banking at the Canadian Pension Plan Investment Board and Merrill Lynch. According to his LinkedIn profile, he continues to serve as a venture partner at FJ Labs, an investor in Clutch.
“Over the past year on Clutch’s board, I’ve been impressed watching the team redefine the car buying and selling experience for Canadians,” Ruparell wrote in a LinkedIn post of his own. “They’re tackling an enormous, complex market with remarkable momentum and a uniquely talented team.”
RELATED: Clutch recovers valuation and eyes growth with $50-million Series D round
Ruparell takes on the CFO role at Clutch after the company recovered and surpassed its once-peak valuation of $575 million CAD in a $50-million Series D round earlier this year. The scaleup secured the capital as part of a restart to its Western Canada expansion plans, which include hiring staff, and building new reconditioning facilities across Canada. Clutch opened its flagship 100,000-sq. ft. facility in Mississauga, Ont., just west of Toronto, last month.
The Series D raise represented a significant recovery for Clutch, which faced its own hardships in 2022 and 2023 as macroeconomic conditions deteriorated. Clutch underwent multiple rounds of layoffs during this time to slow its growth and extend its runway amid a tough fundraising environment, including one set of staff cuts in 2023 after losing out on a potential $95-million Series C. The firm ultimately settled for a $20-million round that slashed its valuation to $15 million.
Park told BetaKit following Clutch’s Series D that getting out of the downturn was a “Herculean team effort.” He noted at the time that United States tariffs could put pressure on the auto market, but claimed Clutch is relatively insulated because it sources all of its cars from Canada, employs only Canadians, and caters exclusively to the Canadian market.
Last week, McCormick—who co-founded Properly alongside Ruparell—landed a new gig of his own as the next permanent CEO of Kitchener-Waterloo tech hub Communitech.
Feature image courtesy Clutch via LinkedIn.