The Car Ownership Super App Emerges from Stealth, Records 10X Revenue Growth
Jerry Services Inc. (Jerry) announced it raised more than $57 million in total funding as it closed out its $28 million Series B round. A mobile-first car ownership super app, Jerry launched in 2019 with its AI- and machine-learning-based car insurance comparison service and today serves nearly 1 million customers across the United States.
In the insurance category alone, more than 70% of U.S. drivers renew their policies without comparing prices and miss out on potential savings. Jerry is removing existing time- and money-saving barriers by making insurance shopping effortless.
The fastest, easiest and only automated way to compare and save on car insurance, Jerry is the car insurance platform that gives you the best, customized quotes from more than 45 insurance carriers in 45 seconds. Jerry customers skip all the long forms and unwanted human interaction while Jerry hunts for better rates, completes the transaction, and even cancels former policies on their behalf.
“We’re bringing the daily needs of car owners – insurance, l****, maintenance, repairs, warranties, parking, and more – in line with modern e-commerce expectations to create a frictionless cost-saving experience,” said Art Agrawal, co-founder and CEO, Jerry. “Consumers demand access to any product or service with a few clicks, a text, or a swipe. And that’s the experience we’re creating at Jerry by redesigning and disrupting the processes of 100-year-old industries.”
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Available for free to customers in all 50 states, Jerry generated tremendous revenue and customer growth since its January 2019 launch. The company experienced 10x revenue growth in 2020 and is on track to continue robust growth in 2021. The No. 1 rated and most downloaded app in its category, Jerry customers save approximately $800 a year on car insurance.
The latest $28 million Series B funding round was led by Goodwater Capital. Other Series B investors include: Jay Vijayan, CEO of Tekion; Jon McNeill, CEO of DVx Ventures (former president of Tesla and COO of Lyft); Brandon Krieg, CEO of Stash; Ed Robinson, co-founder and president of Stash; Johnson Cook, president of Greenlight; and Timothy Sheehan, CEO of Greenlight.
The Series A funding round in 2018 was led by Bow Capital. Other investors include: Y Combinator; SV Angel; FundersClub; Joe Montana‘s Liquid 2 Ventures; Plug and Play Ventures; Zillionize; and Immad Akhund (CEO of Mercury).
Jerry was co-founded by the team who built YourMechanic, the largest nationwide on-demand car repair and maintenance service serving more than 2,000 U.S. cities: Agrawal, who serves as Jerry CEO; Lina Zhang, vice president of operations; and Musawir Shah, chief technology officer. The experienced leadership team is supported by board members and investors Chi-Hua Chien, co-founder of Goodwater Capital, and Rafi Syed, general partner at Bow Capital.
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“What attracted us to Jerry is an automotive services marketplace for time-strapped and budget-minded consumers that offers a beautiful customer experience – significantly smarter, faster and more effortless in every way,” said Chi-Hua Chien. “AI combined with machine learning and bots creates the purchase environment that today’s customers expect. No others in the market can match the speed and agility that Jerry has built.”
Based on the fundamental goal of making customers happy by saving them time and money, Jerry’s recent funding supports rapid scaling of the car insurance product and hiring of the right talent to expand its marketplace into additional categories, removing friction from additional car ownership needs.
“The market opportunity for insurtech, fintech, and all car-ownership-related needs is large and growing.” said Rafi Syed. “What differentiates Jerry is they’ve achieved in three years what has taken others nearly a decade. The Jerry platform and technology demonstrate previously unattainable speed and an effortless experience that is attracting and retaining customers at a fraction of the operating expenses of other comparison sites and traditional carriers.”
Headquartered in Palo Alto, the company has offices in Toronto, and Lockport, NY, and has removed physical location from recruiting restraints to capture talent.
“Our talent and our balance sheet are strong,” added Agrawal. “Our customer acquisition strategy is generating recurring revenue in the auto insurance category. This funding will accelerate expansion of our marketplace into new categories where we can serve our customers. Jerry will be the only app car owners need to save time and money on all their car expenses.”
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