Smart-car app maker Jerry received an additional $110 million in equity and debt financing to add its services designed to enable vehicle owners “manage all things car.”
The Palo Alto, California-based company is adding GarageGuard to diagnose issues, remind car owners of scheduled maintenance needs, estimate repair and maintenance prices and recommend service providers. Its DriveShield is designed to help customers become safer drivers by tracking driving scores and offering safe-driving rewards. The free service is aimed at keeping drivers’ costs down by helping them avoid accidents and subsequent expenses from repairs costs and insurance rate hikes.
This app expansion follows Jerry securing an additional $110 million in equity and debt financing. The Series C2 equity financing was led by existing investor Park West Asset Management, and included reinvestment from Goodwater Capital, Highland Capital Partners, and Plug And Play Ventures. TriplePoint Capital led the debt facility and also invested in the equity financing. The new financing followed Jerry’s C1 round, bringing total funding to $242 million.
Jerry reports helping 4 million U.S. customers.
Topics California Mergers & Acquisitions Auto
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