Canadian investment firm Clearco has laid off 60 employees and announced a new strategic
partnership as it struggles to shore up its business.
The latest moves come a month after Clearco eliminated 25% of its workforce. The privately
held Toronto-based company provides start-up companies with seed funding using data
analytics and says it can make funding decisions in less than 24 hours.
The company was co-founded by Michele Romanow, who appears on the Canadian television
show “Dragon’s Den.”
Along with the layoffs, Clearco announced a new strategic partnership with Outfund, the largest
e-commerce investor in England and Australia.
Terms of the partnership weren’t disclosed, but Clearco says the agreement does not include
any of its staff, technology, or intellectual property.
Clearco also said it plans to focus entirely on the U.S. and Canada going forward and end a
previous expansion in Europe.
On July 29, Clearco announced it was laying off 125 employees among its 500 staff, saying it
had grown too fast. At that time, the company said it was looking at “strategic options” for its
international operations.
