Michele Romanow

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Michele Romanow (born 1985) is a Canadian technology entrepreneur, venture capitalist, television personality, and board director who has founded six companies before her 35th birthday. She is best known as the co-founder and former CEO of Clearco (formerly Clearbanc), a Toronto-based e-commerce investment firm that reached a valuation of over US$2 billion before significant restructuring in 2022-2023. Romanow joined the cast of CBC's Dragons' Den in 2015, becoming the youngest "Dragon" in the show's history, a position she continues to hold as of 2024.

Romanow's entrepreneurial career includes founding The Tea Room, Canada's first zero-consumer-waste coffee shop, while an undergraduate at Queen's University, as well as co-founding Buytopia.ca and SnapSaves, the latter of which was acquired by Groupon in 2014 and relaunched as Snap by Groupon in the United States. Through Clearco, she oversaw the deployment of more than $5 billion in capital to over 10,000 entrepreneurs across 13 countries, making it the world's largest e-commerce investor at its peak.

Her recognition includes being named to the Forbes Top 20 Most Disruptive "Millennials on a Mission" in 2013, the WXN 100 Most Powerful Women in Canada list in 2015, and receiving the Canadian Innovation Awards' Angel Investor of the Year in 2018. She serves on the boards of Vail Resorts, League of Innovators, and the Queen's School of Business.

Early life and family background

Birth and heritage

Michele Romanow was born in 1985 in Calgary, Alberta, into a family with strong entrepreneurial and business leadership traditions. Her father, Marvin Romanow, served as the President and CEO of Nexen, one of Canada's largest independent oil and gas producers, providing Michele with an early window into corporate leadership and the energy industry that dominated Calgary's economy.

The Romanow family traces its heritage to Ukrainian and Slovak immigrants who came to Canada in search of opportunity. This Eastern European background, common among many families in the Canadian prairies, brought with it cultural values emphasizing hard work, education, and family solidarity that would influence Michele's approach to business and life.

While born in Calgary, the family relocated when Michele was young, and she was raised primarily in Regina, Saskatchewan, the provincial capital. The move from Alberta's oil-rich metropolis to Saskatchewan's more modest capital city may have contributed to the grounded, pragmatic approach that would later characterize her entrepreneurial style, which emphasized practical solutions over flashy presentations.

Childhood in Regina

Growing up in Regina during the late 1980s and 1990s, Romanow developed the resilience and resourcefulness that would serve her well as an entrepreneur. Saskatchewan's economy, dependent on agriculture and natural resources, experienced significant fluctuations during this period, teaching young Michele about economic cycles and the importance of adaptability.

The family's time in Canora, where Romanow grew up with her three siblings, a brother and two sisters, in a farmhouse setting, further shaped her character. Rural Saskatchewan life demanded self-sufficiency and practical problem-solving skills that translated directly into her later business ventures. The experience of living in a smaller community also gave her an appreciation for the challenges faced by entrepreneurs outside major urban centers.

Romanow has frequently credited her father's influence as central to her development as an entrepreneur. Watching Marvin Romanow navigate the complex world of energy industry leadership provided her with an education in business strategy, leadership, and corporate governance that no classroom could match. The dinner table conversations about business challenges and opportunities sparked an early interest in entrepreneurship that would define her career.

Early education and interests

From an early age, Romanow displayed both intellectual curiosity and competitive drive that would characterize her adult achievements. She excelled academically while also participating in extracurricular activities that developed her leadership skills. Her teachers recognized a student who was not content merely to learn passively but wanted to apply knowledge to practical situations.

The combination of her father's business influence, her prairie upbringing, and her natural drive created a young woman who, by the time she reached university age, was already thinking about how to build businesses rather than simply finding employment. This entrepreneurial orientation would lead her to start her first business while still an undergraduate, long before most of her peers were thinking about career paths.

Education

Queen's University

Romanow chose to attend Queen's University in Kingston, Ontario, one of Canada's most prestigious universities with particularly strong programs in engineering and business. Her initial choice to pursue civil engineering might seem at odds with her later career as a technology entrepreneur, but the discipline provided her with analytical skills and problem-solving frameworks that proved valuable across all her ventures.

The decision to study civil engineering reflected both practical considerations and genuine interest in how things work. Engineering programs demand rigorous logical thinking, attention to detail, and the ability to manage complex projects with multiple interdependent components, all skills that translate directly to building and scaling businesses.

During her undergraduate years at Queen's, Romanow began to recognize that her talents might be better suited to building businesses than building bridges. The realization came gradually as she found herself more excited by entrepreneurial opportunities than by engineering coursework. However, she completed her engineering degree, demonstrating the persistence and follow-through that would characterize her business career.

The Tea Room

In 2006, while still an undergraduate at Queen's, Romanow co-founded The Tea Room, a zero-consumer-waste coffee shop that represented one of the earliest such establishments in Canada. The venture combined her emerging interest in entrepreneurship with environmental consciousness that was beginning to gain mainstream attention during this period.

The Tea Room was more than just a student project; it was a fully operational business that had to compete with established coffee shops in the Kingston market. Romanow and her co-founders had to manage everything from sourcing supplies and hiring staff to marketing and financial management, providing real-world business education that complemented her academic studies.

The zero-waste concept was ahead of its time, anticipating the environmental concerns that would become much more prominent in the following decade. The experience taught Romanow about the challenges of bringing innovative concepts to market and the importance of execution in turning good ideas into successful businesses.

Agnes Benidickson Tricolour Award

Romanow's achievements at Queen's were recognized with the Agnes Benidickson Tricolour Award in 2007, the university's highest honor for students who combine academic excellence with outstanding contributions to university life. The award, named for a former university chancellor, is presented annually to a single graduating student who exemplifies the best of Queen's traditions.

Winning the Tricolour Award as the sole recipient in her year reflected not only Romanow's entrepreneurial activities but also her broader engagement with the Queen's community. The recognition validated her unconventional path through university, demonstrating that academic institutions could value practical achievement alongside traditional scholarly accomplishments.

MBA completion

Following her undergraduate degree in civil engineering, Romanow returned to Queen's to complete her Master of Business Administration, combining her technical background with formal business education. The MBA program provided frameworks for understanding finance, marketing, strategy, and organizational behavior that would prove essential as she scaled her ventures.

The decision to pursue an MBA while also building businesses demonstrated Romanow's belief in the value of continuous learning. Unlike some entrepreneurs who viewed formal education as irrelevant to real-world success, she saw business school as an opportunity to acquire tools and perspectives that would make her more effective.

Business career

Buytopia.ca

After completing her education, Romanow co-founded Buytopia.ca in 2010, launching the company from her apartment in Toronto at the height of the daily deal craze pioneered by Groupon and LivingSocial. The company's business model involved working with retailers to offer customers gift cards at discounted prices, creating value for both merchants seeking customer acquisition and consumers looking for savings.

The founding story of Buytopia reflected Romanow's scrappy, resourceful approach to entrepreneurship. Unable to afford traditional marketing, she and her co-founders bought sidewalk chalk and wrote their "deal of the day" outside major buildings in Toronto, a guerrilla marketing tactic that cost almost nothing but generated visibility and curiosity among potential customers.

This low-budget approach to customer acquisition became a hallmark of Romanow's entrepreneurial style. While many startups burned through venture capital on expensive marketing campaigns, Buytopia grew organically through creative, cost-effective tactics that demonstrated real customer demand before requiring significant investment.

Rapid growth and acquisitions

Buytopia grew rapidly in the competitive daily deals market, distinguishing itself through operational excellence and strategic acquisitions. The company acquired ten competitors including Shop.ca and WagJag, consolidating the fragmented Canadian daily deals market and building scale that improved its bargaining position with merchants.

The acquisition strategy demonstrated Romanow's understanding that in winner-take-most markets, scale matters more than margins in the early stages. By acquiring competitors rather than fighting them, Buytopia was able to grow faster and more efficiently than organic growth alone would have permitted.

The company's performance earned recognition from Profit magazine, which ranked Buytopia #3 on its Hot 50 list of Canada's fastest-growing companies. This ranking, based on revenue growth rather than projections or potential, validated the company's business model and Romanow's leadership.

SnapSaves

While running Buytopia, Romanow identified an opportunity to expand into mobile-based savings, leading to the creation of SnapSaves in 2012. The app digitized the coupon-clipping experience, allowing users to earn cash back on grocery purchases simply by taking photos of their receipts.

SnapSaves addressed a real consumer pain point: the desire to save money on everyday purchases without the hassle of cutting, organizing, and remembering to use paper coupons. By leveraging smartphone technology that was becoming ubiquitous, the app made savings accessible and convenient in a way that previous solutions had not achieved.

The app gained traction quickly, demonstrating Romanow's ability to identify and execute on emerging opportunities in mobile commerce. Unlike many mobile apps that struggled to achieve meaningful user engagement, SnapSaves provided tangible value, the cash back users received, that encouraged regular usage and word-of-mouth referrals.

Groupon acquisition

In 2014, Groupon acquired SnapSaves for an undisclosed amount, marking Romanow's first major exit and validating her ability to build companies that larger players found valuable enough to acquire. The acquisition allowed Groupon to integrate the technology into its U.S. operations, where it was relaunched as "Snap by Groupon."

The Groupon acquisition provided Romanow with both financial resources and credibility that would support her future ventures. Having successfully built and sold a company to a major public corporation, she had demonstrated the complete entrepreneurial cycle from ideation through exit, making her an attractive partner for future investors and collaborators.

Clearco (formerly Clearbanc)

Founding and early growth

In 2015, Romanow co-founded Clearbanc (later rebranded as Clearco) alongside Andrew D'Souza, who was also her romantic partner at the time. The company was conceived as a new approach to startup financing, providing revenue-based financing to e-commerce companies as an alternative to traditional venture capital.

The Clearbanc model addressed a fundamental problem in startup financing: traditional venture capital required entrepreneurs to give up significant equity ownership, often at unfavorable valuations, while bank loans required personal guarantees and collateral that most founders lacked. Revenue-based financing, by contrast, provided capital in exchange for a percentage of future revenues, aligning the interests of the financier and the entrepreneur.

The approach was particularly well-suited to e-commerce businesses with predictable revenue streams and measurable customer acquisition economics. By analyzing a company's data, including payment processor records, advertising spend, and revenue trends, Clearbanc could make faster funding decisions than traditional lenders while taking on less risk than venture capitalists investing in unproven businesses.

The 20-minute term sheet

Clearbanc distinguished itself through speed and simplicity, promising term sheets in as little as 20 minutes based on algorithmic analysis of company data. This approach contrasted sharply with traditional venture capital, which typically required months of due diligence, multiple meetings, and extensive negotiation.

The speed advantage was particularly valuable for e-commerce companies with time-sensitive opportunities. A company that identified an effective marketing channel or seasonal opportunity could access capital to exploit it before the window closed, something that traditional financing often could not accommodate.

The model also reduced the friction and power imbalance inherent in traditional venture capital relationships. Entrepreneurs did not need to prepare extensive pitch decks, cultivate relationships with investors, or navigate the opaque social dynamics of the venture capital world. They simply connected their data sources and received a decision based on objective metrics.

Unicorn valuation

Clearbanc's growth attracted attention from major investors, culminating in a 2021 investment led by SoftBank Group's Vision 2 Fund that valued the company at more than US$2 billion, establishing it as one of Canada's "unicorn" startups. The investment represented validation of the revenue-based financing model and Romanow's vision for democratizing access to capital.

At its peak, Clearco employed more than 500 people and operated across markets in North America, Western Europe, and Australia. The company had deployed over $5 billion in capital to more than 10,000 entrepreneurs, making it the world's largest e-commerce investor by transaction volume.

The rapid growth reflected both the appeal of the business model and the favorable market conditions during the early pandemic period. E-commerce companies were growing rapidly as consumers shifted spending online, creating strong demand for the type of financing Clearco provided.

Rebranding to Clearco

In 2021, the company rebranded from Clearbanc to Clearco, reflecting its evolution beyond its original focus on providing an alternative to banks. The new name suggested clarity and simplicity, values that the company sought to embody in its approach to financing.

The rebranding coincided with geographic expansion, including a June 2022 launch in Germany with a pledge of €500 million to local online businesses. The European expansion represented Clearco's ambition to become a global platform for e-commerce financing, not just a North American player.

Relationship dynamics and CEO transition

The professional relationship between Romanow and D'Souza was complicated by their personal relationship, which ended while they continued to work together. In February 2022, the couple publicly acknowledged their romantic split as they announced new leadership roles: D'Souza moved from CEO to Executive Chairman while Romanow assumed the CEO position.

The transition was handled with notable maturity and professionalism, with D'Souza stating, "While we're no longer dating, we continue to be partners and co-founders in the truest sense." The ability to separate personal and professional relationships under public scrutiny demonstrated both individuals' commitment to the company they had built together.

Romanow's assumption of the CEO role came at a challenging time for the company. Rising interest rates and slowing e-commerce growth were beginning to pressure the business model, and the company would soon face difficult decisions about costs, markets, and strategy.

Challenges and restructuring

Throughout 2022, Clearco faced mounting challenges as the economic environment shifted. Rising interest rates increased the company's cost of capital, while slowing e-commerce growth reduced demand for its financing products. The combination squeezed margins and raised questions about the sustainability of the business model in a higher-rate environment.

In July 2022, the company temporarily stopped offering new advances as it tightened underwriting practices and raised fees. This pause, along with a 25% staff reduction of approximately 125 employees, signaled that the rapid growth phase was over and that survival now required operational discipline.

The company also pulled out of markets outside North America, acknowledging that international expansion had stretched resources too thin. This retreat represented a significant scaling back of ambitions that had seemed achievable just months earlier.

Stepping down as CEO

In January 2023, Romanow stepped down as CEO of Clearco, with the announcement accompanied by approximately 50 additional layoffs representing nearly 30% of the remaining staff. The departure and layoffs brought the company's headcount to approximately 140 employees, a 72% decrease from just six months prior.

Romanow was replaced as CEO by Andrew Curtis, a New York-based investment banker brought in to stabilize and restructure the company. Her move to Executive Chair allowed her to maintain involvement with the company she had co-founded while stepping back from day-to-day operations.

In announcing her departure, Romanow emphasized that the long-term vision of Clearco mattered most to her as a founder, and that after running the business for eight years, new leadership was needed to take the business forward. The statement reflected both the difficulty of the decision and her continued commitment to the company's mission.

Loss of unicorn status

In late 2023, Clearco completed a complex recapitalization that effectively eliminated most of its previous valuation. The company raised approximately US$60 million in new equity from investors led by past backer Inovia Capital at a valuation of approximately US$200 million, a 90% reduction from its peak.

The recapitalization also retired US$60 million in venture debt formerly held by failed Silicon Valley Bank's Canadian unit and established a new US$100 million funding facility. While CEO Andrew Curtis characterized the company as being "in a position of great stability" following the transaction, the restructuring represented a dramatic fall from the company's earlier heights.

Clearco emerged from the restructuring as a smaller, more focused company with approximately 125 employees, funding customer invoices totaling US$10,000 to US$2 million in return for weekly repayments over four- to six-month terms. The simplified business model was more conservative than the original vision but potentially more sustainable in the changed economic environment.

Television career

Joining Dragons' Den

In 2015, Romanow joined the cast of CBC's Dragons' Den for Season 10, becoming the youngest Dragon in the show's history at approximately 30 years old. She replaced departing Dragons Arlene Dickinson, David Chilton, and Vikram Vij, joining alongside Joe Fresh founder Joe Mimran and Manjit Minhas of Minhas Breweries.

Her youth and technology background brought a different perspective to the Dragons' panel, which had traditionally been dominated by investors with experience in more traditional industries. Romanow could evaluate digital business models and technology startups with expertise that complemented the other Dragons' strengths in retail, food and beverage, and real estate.

The timing of her Dragons' Den debut coincided with her co-founding of Clearbanc, creating a platform that amplified her profile while she was building what would become her most significant venture. The television exposure helped establish her as one of Canada's most recognized entrepreneurs and attracted deal flow that benefited both her personal investments and Clearco.

Investment approach on the show

As a Dragon, Romanow brought her technology and e-commerce expertise to evaluating pitches, often asking detailed questions about customer acquisition costs, unit economics, and scalability that reflected her own experience building digital businesses. She was particularly interested in technology-enabled companies that could achieve rapid growth through digital channels.

Her investment style emphasized understanding the metrics and data behind each business, consistent with the algorithmic approach she was simultaneously developing at Clearco. Entrepreneurs who could demonstrate strong unit economics and clear paths to profitability were more likely to attract her interest than those relying on vision and narrative alone.

Notable Dragons' Den investments

Tapplock

One of Romanow's notable investments was in Tapplock, a company that had not yet shipped a single product when they appeared on the show. The company offered a smart lock solution using fingerprint recognition, addressing an industry that, as Romanow noted, had not significantly innovated in decades.

The investment reflected Romanow's willingness to back companies at early stages when she believed in the team and the market opportunity. Tapplock subsequently became a significant player in the smart lock space, validating her early conviction in the technology.

Willful

Romanow invested in Willful, an online estate planning platform that simplifies the process of creating wills and other end-of-life documents. She was attracted to the company because it was "solving a problem that none of us want to think about or deal with, until you have to."

The investment demonstrated her interest in companies using technology to simplify traditionally complex and expensive professional services. Estate planning had historically required expensive lawyers and intimidating legal processes, creating barriers that left many Canadians without proper documentation.

WINR Games

Another notable investment was in WINR Games, a mobile gaming company that allowed users to earn real cash for playing games. The investment reflected interest in the emerging category of play-to-earn gaming that would gain significant attention in subsequent years.

Continued television presence

Romanow has continued to appear on Dragons' Den through multiple seasons, building a television career that paralleled her business activities. Her presence on the show has made her one of the most recognized business personalities in Canada, providing a platform for discussing entrepreneurship and finance that extends beyond the entrepreneurs who pitch on the program.

The combination of television visibility and business credibility has made Romanow a sought-after speaker at conferences and events focused on entrepreneurship, technology, and women in business. Her ability to communicate complex business concepts in accessible terms, honed through years of television appearances, has made her an effective advocate for entrepreneurship and financial literacy.

Controversies

Goldie nightclub incident

In 2020, Romanow faced controversy as a minority investor in Goldie nightclub in Toronto, which lost its liquor license after violating social distancing orders during the COVID-19 pandemic. The incident created reputational challenges as Romanow was associated with a business that had flouted public health regulations during a serious health crisis.

Romanow responded publicly by denouncing the management of Goldie, stating that she had no involvement in the day-to-day operation of the venue. She also announced that she would exercise her option to sell her shares, distancing herself from the business and its management decisions.

The incident highlighted the challenges of passive investment, where investors can face reputational consequences for decisions made by management they do not control. Romanow's swift public response demonstrated crisis management skills and a commitment to protecting her reputation even at financial cost.

Clearco layoffs and valuation collapse

The dramatic decline of Clearco from a $2 billion unicorn to a restructured company worth a fraction of that value inevitably raised questions about the original business model and the decisions made during the rapid growth phase. Critics questioned whether the company had expanded too quickly, whether underwriting standards had been sufficiently rigorous, and whether the unicorn valuation had ever been justified.

Romanow has addressed these challenges with characteristic directness, acknowledging that the economic environment changed dramatically and that the company had to adapt. Her decision to step down as CEO while remaining as Executive Chair was framed as putting the company's needs ahead of personal considerations.

The Clearco experience became a cautionary tale in Canadian tech circles about the risks of aggressive growth funded by easy capital. However, Romanow's supporters noted that the company had provided valuable financing to thousands of entrepreneurs who might otherwise have lacked access to capital, and that the challenges faced were industry-wide rather than unique to Clearco.

Board positions and advisory roles

Corporate boards

Romanow serves on several corporate boards, bringing her entrepreneurial and technology expertise to established companies. Her board positions include:

Vail Resorts (NYSE: MTN): The largest ski resort operator in North America, where Romanow brings technology and consumer experience perspectives.
Freshii (TSX: FRII): A Canadian fast-casual restaurant chain focused on healthy eating, where she served on the board before the company's delisting.
Former director of Whistler Blackcomb (TSX: WB) before its acquisition by Vail Resorts.

These board positions reflect recognition of Romanow's business acumen beyond the technology sector, as established companies seek directors who can bring fresh perspectives on digital transformation, consumer behavior, and innovation.

Educational and nonprofit boards

Beyond corporate boards, Romanow serves on boards focused on education and entrepreneurship, including:

Queen's School of Business: Her alma mater's business school, where she can influence curriculum and connect students with entrepreneurial opportunities.
League of Innovators: An organization focused on empowering young entrepreneurs.
Shad: A summer enrichment program for high school students focused on STEAM (science, technology, engineering, arts, and math).

These positions reflect her commitment to developing the next generation of entrepreneurs and ensuring that the education system prepares students for an increasingly entrepreneurial economy.

Canadian Entrepreneurship Initiative

In 2017, Romanow participated in founding the Canadian Entrepreneurship Initiative alongside Ruma Bose, former president of Chobani Ventures LLC, and Richard Branson as Entrepreneur in Residence. The not-for-profit organization was created to help small-business owners access inexpensive financing.

As part of her involvement, Romanow promised female entrepreneurs applying through the initiative a 10% discount on loans obtained through Clearbanc, combining her company's capabilities with her broader advocacy for women in entrepreneurship.

Personal life

Relationship with Andrew D'Souza

Romanow's most significant known relationship was with Andrew D'Souza, with whom she co-founded Clearco. The couple began dating before launching their fintech company together, making their relationship both personal and professional from the start.

The relationship ended romantically, though the couple continued to work together as business partners. Their public handling of the split, with mature communication and continued professional collaboration, was noted as an example of how personal and professional relationships can be separated when necessary.

The ability to maintain a working relationship after a romantic split required emotional maturity and shared commitment to their company that superseded personal feelings. While the transition was surely difficult, both Romanow and D'Souza prioritized Clearco's success over any awkwardness their continued collaboration might entail.

Approach to work-life balance

Romanow has spoken publicly about managing the demands of building multiple companies while maintaining personal wellbeing. As a serial entrepreneur who has founded six companies, she has necessarily developed systems for managing time and energy that allow sustained high performance.

Her approach emphasizes prioritization and delegation, focusing her personal energy on the highest-impact activities while building teams that can handle routine operations. This philosophy was central to Clearco's algorithmic approach to investment decisions, which reduced the need for time-intensive manual evaluation of each opportunity.

Speaking and media

Romanow is a frequent speaker at conferences and events focused on entrepreneurship, technology, and women in business. Her speaking engagements allow her to share lessons from her entrepreneurial journey while advocating for greater support for entrepreneurs, particularly women and other underrepresented groups.

Her media appearances extend beyond Dragons' Den to include interviews with major Canadian and international publications, podcasts focused on business and entrepreneurship, and panels at major conferences including the World Economic Forum.

Awards and recognition

Romanow has received numerous awards and recognition for her entrepreneurial achievements:

Agnes Benidickson Tricolour Award (2007): Queen's University's highest student honor
Forbes Top 20 Most Disruptive "Millennials on a Mission" (2013): The only Canadian on the list
WXN 100 Most Powerful Women in Canada (2015): Recognition of her business leadership
Canadian Innovation Award Angel Investor of the Year (2018): For her investment activities
EY Entrepreneur of the Year Finalist
RBC Canadian Women Entrepreneur Award Finalist
Toronto Board of Trade Business Excellence Award
PWI Next Gen Woman Entrepreneur of the Year (2020-21)
Profit Hot 50: Buytopia ranked #31 among fastest-growing companies
W100: Ranked #21 on the list of Canada's top women entrepreneurs

Legacy and impact

Influence on Canadian tech ecosystem

Romanow's career has influenced the Canadian technology ecosystem in several ways. Her success with multiple ventures demonstrated that world-class technology companies could be built in Canada, challenging the assumption that ambitious entrepreneurs needed to relocate to Silicon Valley.

Her visibility on Dragons' Den brought entrepreneurship into Canadian living rooms, normalizing the idea of starting companies and seeking investment. Young Canadians watching the show could see someone close to their own age building successful ventures, making entrepreneurship seem achievable rather than exotic.

Revenue-based financing model

Through Clearco, Romanow popularized revenue-based financing as an alternative to venture capital, influencing how entrepreneurs think about funding their companies. While Clearco's challenges have raised questions about the model, the fundamental insight, that entrepreneurs should have access to non-dilutive capital based on their business performance, has influenced numerous other companies and investors.

Advocacy for women entrepreneurs

Romanow has been a consistent advocate for women in entrepreneurship, using her platform to highlight the challenges faced by female founders in accessing capital and support. Her willingness to discuss her own experiences, including the challenges of being a young woman in technology and venture capital, has helped illuminate systemic issues while providing a role model for aspiring entrepreneurs.

References

External links