CHICAGO, Sept. 5, 2017 /PRNewswire/ -- ForeverCar (www.forevercar.com), the company that is transforming the way consumers get their car repaired, today announced that it closed a $15 million debt and equity financing round.
The investment includes additional follow on equity participation of over $3 million from existing investors CMFG Ventures, which is the venture capital arm of CUNA Mutual Group, Method Capital LLC, SAP Fieldglass Founder and former CEO Jai Shekhawat, and other existing investors. Additionally, ForeverCar has established a relationship with a new partner which allows the company to further fund its growth through a $12 million debt facility. The transaction was managed by City Capital Advisors.
With this new infusion of capital, ForeverCar will expand its innovative and consumer-friendly financing solution by capitalizing a new entity, ForeverCar Consumer Credit, LLC. The company will also expand their direct-to-consumer and business-to-business marketing, sales, and servicing capabilities.
"This capital raise signals continued confidence in our business model and belief in our unique customer value proposition," said Mark Hodes, Founder and CEO of ForeverCar. "Our talented team now has the tools needed to accelerate growth and drive consumer adoption of our solution by more than 200 million car owners who have an expired manufacturer warranty." ForeverCar has raised more than $25 Million in funding to date. The company's vehicle service platform operates across all fifty states.
ForeverCar is a leading technology platform revolutionizing the car repair industry. By selling vehicle service contracts to consumers directly and through reputable brands, ForeverCar has created a unique, transparent and full-service solution for car owners whose vehicles are not covered by the manufacturer warranty. Founded in 2012 and recognized for their exceptional customer service, ForeverCar has earned more than 600 four and five-star consumer reviews and has received an A+ rating from the Better Business Bureau. The ForeverCar platform powers transactions on behalf of Liberty Mutual, CUNA Mutual Group and other partners. For more information, please visit www.forevercar.com.
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