PALO ALTO, Calif., Aug. 10, 2021 /PRNewswire/ -- Car-ownership super app Jerry today announces the completion of a $75 million Series C funding round led by Goodwater Capital. The oversubscribed round values the company at $450 million. The financing was completed just seven months after Jerry's $28 million Series B round and brings total funding to $132 million.
Jerry saves customers time and money on car expenses. The company first launched its artificial-intelligence- and machine-learning-optimized car insurance compare-and-buy service in 2019 and today serves more than 1 million customers as a licensed insurance broker in all 50 states. This new funding round fuels the launch of the super app's marketplaces in vehicle financing, repair, warranties, parking, maintenance, and additional money-saving services.
"We're helping our customers find savings on car expenses because we believe driving can be kept affordable and accessible," said Art Agrawal, Jerry co-founder and CEO. "This $75 million investment accelerates the development and refinement of additional automotive compare-and-buy marketplaces."
As the dominant form of transportation for work commutes and more, driving is irreplaceable in most American's daily lives. Through its insurance compare-and-buy service, Jerry reduces the cost of personal car ownership. Jerry saves customers an average of $800 per year by quickly finding savings on auto insurance policies that are comparable to their existing policy. As the company develops new marketplaces for car expenses and services, the opportunity to further reduce the total cost of vehicle ownership for individuals and families increases.
"Access to reliable and affordable transportation is critical to economic empowerment," said Rafi Syed, Jerry board member and general partner at Bow Capital, a firm that invests in technology that advances society and betters our world. "Jerry is helping car owners make the most of every dollar they earn. While we see Jerry as an excellent technology investment showcasing the power of data in financial services, it's also a high performing investment in terms of the financial inclusion it supports."
Jerry continues to meet and exceed growth and revenue targets with its first product, its time- and money-saving service for comparing and buying car insurance, which prompted investment demand from new and existing investors.
"Unlike lead-generation-based car insurance comparison sites, Jerry's recurring revenue model positions the company for predictable revenue and scalable growth that's not based on an ever-increasing marketing spend," said Chi-Hua Chien, partner at Goodwater Capital. "The company's super app approach to saving customers time and money on all car expenses also extends the potential customer base across auto-related categories. Our re-investment in Jerry reflects our confidence in the company's business model, growth rate, addressable market, and AI- and ML-based technology that continues to increase gross margins."
Jerry customers rate the app a 4.7 in the App Store and praise the ease of use, speed of completing the transaction, automated customer flow (no phone calls unless desired), and savings.
"Our oversubscribed Series C round is indicative of consumer demand for frictionless auto services marketplaces," added Agrawal. "As we reviewed our investor options, we chose to deepen our relationship with Goodwater Capital, Bow Capital and Kamerra, and to add two new investors, Highland Capital Partners and Park West Asset Management."
Highland Capital Partners, a premiere venture growth investment firm, brings to Jerry expertise in building successful direct-to-consumer, tech-enabled businesses. Park West Asset Management invests in public and private companies, primarily in technology, consumer and healthcare.
Jerry is headquartered in Palo Alto, operates offices in Toronto and Lockport, NY, and employs remote staff.
About Jerry Services, Inc.
Jerry saves you time and money on your car expenses. Jerry first launched its AI- and machine-learning-based car insurance comparison service in 2019 and today serves more than 1 million customers as a licensed insurance broker in all 50 states. For more information or to save money on car insurance, visit getjerry.com or download the Jerry app in the App Store or Google Play.