The car-ownership super app, Jerry has received $75 million Series C funding from Goodwater Capital. The company is valued at $450 million in the oversubscribed round. Jerry’s Series B financing, which brought the total to $28 million, closed just seven months later.
Art Agrawal, Jerry co-founder, and CEO said, “We’re helping our customers find savings on car expenses because we believe driving can be kept affordable and accessible. This $75 million investment accelerates the development and refinement of additional automotive compare-and-buy marketplaces.”
Customers save money and time with Jerry’s car service. As a licensed insurance broker operating in all 50 states, the company serves more than 1 million customers as an artificial intelligence (AI) and machine learning (ML) optimized car insurance compare-and-buy service. With this round of funding, the app’s marketplaces will be able to offer services such as vehicle financing, repairs, warranties, parking, and maintenance.
Rafi Syed, Jerry board member, and general partner at Bow Capital said, “Access to reliable and affordable transportation is critical to economic empowerment. 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.”
With its first product, Jerry continues to meet and exceed revenue targets with its risk- and money-saving car insurance comparison service which has prompted investment demand from both new and existing investors.
Chi-Hua Chien, the partner at Goodwater Capital, said, “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 ever-increasing marketing spend. 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.”