Canada's big e-commerce investor Clearco has recently launched in Germany. To this end, the firm has pledged €500 million to German online companies. Only a few months ago, the company had arrived in Ireland for the first time.
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Formerly known as Clearbank, Clearco is an e-commerce investment company based in Canada. Over the course of its history, it has financed more than 7,000 e-commerce companies and is estimated to have invested close to €3 billion for this purpose.
Germany becomes the seventh market in which Clearco operates. It joins Canada, Ireland, the United Kingdom, the United States, the Netherlands, and Australia. In addition, the company says that more markets are on the horizon for the current year, especially in Central Europe, Western Europe, and the Northern countries.
Germany is considered one of the fastest-growing economies in Europe. But it also stands out as a country with a large and dynamic start-up sector.
In terms of e-commerce in particular, Germany is one of the most important markets in Europe, along with the UK and France. However, according to the latest data, online commerce in the country has stagnated since the outbreak of the war in Ukraine.
Just a few days ago, Clearco cut around 10% of its workforce in Dublin. The investment company could be affected by the current financial depression, especially in the technology sector, where several firms have made staff cuts, as was the case with the two giants Netflix and Gorillas.
In any case, Clearco's expansion plans continue. It is targeting a funding round led by Softbank in July 2021. At that time, the company managed to raise around $215 million in growth capital. As such, the company expects to continue its growth across Europe this year.
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