Jerry app, which offers a car insurance comparison service, has raised $75m in a Series C funding round led by Goodwater Capital.
The round also saw participation from new investors Highland Capital Partners and Park West Asset Management along with existing backers Bow Capital and Kamerra.
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The oversubscribed round, which follows a $28m Series B round, values the firm at $450m and brings its total capital raised so far to $132m.
Jerry plans to use the proceeds to fund the launch of the app’s marketplaces in vehicle financing, repair, warranties, parking, maintenance, and additional money-saving services.
The compare and buy service, which was launched in 2019, leverages artificial intelligence- and machine-learning technology.
Jerry claims to serve over one million customers as a licensed insurance broker in all 50 states of the US.
Bow Capital general partner and Jerry board member Rafi Syed 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.”
Goodwater Capital partner Chi-Hua Chien said: “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.”
