Freshly funded Clearbanc lands $67 mln more from Upper90

Clearbanc, a Toronto-based provider of marketing capital for e-commerce brands, has raised about $67 million (US$50 million) in follow-on financing. The investment was made by Upper90, the fund of Grubhub Co-founder Jason Finger. It comes on the heels of Clearbanc's initial financing of about $94 million (US$70 million) last month, backed by 12 Canadian and U.S. venture capital firms. Founded in 2015 by CEO Andrew D’Souza and President Michele Romanow, Clearbanc reports more than 1,000 companies have approached it in the past four weeks, representing capital demand of up to $1 billion. Deploying over $100 million this year, Clearbanc plans to launch new products, secure new partnerships, and expand globally in 2019.

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