'Things get harder as you build': After two huge fundraising rounds, Clearco wrestles with high expectations
One day late last summer, Clearco called its sales staff to a Zoom meeting to discuss its goals for the fourth quarter. It had been a wild year already: the company had hired hundreds of employees, launched in new markets and pursued a growing suite of products. Over the past few months, it had raised more than US$550 million in two separate fundraisings, including one led by global investment giant SoftBank. Riding a wave of pandemic-fuelled demand for e-commerce, the Toronto-based fintech had secured a valuation of nearly US$2 billion, making it one of Canada’s most prized startups.