Propelled by $110M in funding, AI-powered app adds free repair, maintenance and safety services
PALO ALTO, Calif., Aug. 2, 2023 /PRNewswire/ —
What’s the news: Jerry, the AllCar™ app, adds GarageGuard™ and DriveShield™ to its services that make it easy to manage all things car. GarageGuard™ is the WebMD for your car, diagnosing issues, reminding you of scheduled maintenance needs, estimating repair and maintenance prices, and recommending service providers. DriveShield™ helps customers become safer drivers by tracking driving scores and offering compelling safe-driving rewards. The category expansion is propelled by an additional $110 million in equity and debt financing.
Why it matters: Maintenance and repair costs are jumping at an alarming rate –14% in the past year – and two thirds (65%) of American car owners are frustrated about being uninformed about such costs.1 GarageGuard™ helps drivers determine what’s wrong, how much it should cost to fix, and recommends repair shops based on ratings, price and location.
And with lethal accidents up 27% over the past decade, DriveShield™ helps drivers improve by informing them of unsafe habits and rewarding them when they drive safely.
Who it’s for: American drivers looking to maintain the value of their car, stay safe on the road and save time and money with ease.
Jerry, known for its AI-powered PriceProtect™ services to help car owners find shockingly good insurance rates and refinance car loans with ease, doubled its free services for car owners with the addition of GarageGuard™ and DriveShield™.
With car diagnostic and repair estimate tools, GarageGuard™ demystifies the details and costs of maintenance and repair services. Drivers can think of this as a WebMD for their car (with prices and recommended service providers). Jerry also offers customers discounts on repairs and services from new partners including America’s Tire, Curbee, Jiffy Lube, Valvoline Instant Oil Change℠, and FullSpeed Automotive’s family of brands, including Grease Monkey Oil Changes & More, SpeeDee Oil Change & Auto Service, Kwik Kar, Uncle Ed’s and American Lube Fast.
GarageGuard™ helps drivers maintain the value of their vehicle, makes them confident when purchasing vehicle and repair services, and provides peace of mind to car owners through maintenance and recall alerts.
“Most Americans say car maintenance and repairs cause them more confusion and distrust than medical bills, and nearly 90% suspect they have been overcharged for work on their car,” said Art Agrawal, co-founder and CEO at Jerry. “GarageGuard™ empowers car owners to quickly make informed decisions about when and where to have work done and how much to pay.”
DriveShield™ helps hundreds of thousands of customers become safer drivers through its driving score tracker and compelling rewards program. The free service keeps drivers’ costs down by helping them avoid accidents and subsequent expenses from repairs costs and insurance rate hikes all while keeping their driving data secure (Jerry never sells data).
“Most of the hassles that come with being a car owner need reinvention. Jerry is addressing those unmet needs in the market, helping Americans make good decisions about their cars every day,” said Agrawal. “Jerry gives drivers confidence, whether it’s from saving money on their car insurance, paying the right price for necessary maintenance, getting the lowest APR on their car loan or learning to more safely drive.”
This app expansion was accelerated when Jerry quietly secured an additional $110 million in equity and debt financing in Q2 2022. The Series C2 equity financing was led by existing investor Park West Asset Management. The oversubscribed up round also included reinvestment from Goodwater Capital, Highland Capital Partners, and Plug And Play Ventures, among other existing investors. 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 is delivering on its superapp promise of serving drivers’ needs beyond insurance by entering the financing, maintenance and repairs, and safety service categories,” said said Corey Mulloy, General Partner at Highland Capital Partners, “Leveraging AI to deliver these data-backed, high touch services efficiently meets the demand of American drivers. This app is consistently adding value for customers and building long-term relationships with car owners nationwide.”
The AllCar™ app helps 4 million Americans handle everything car. Jerry customers find shockingly good insurance rates fast, refinance car loans with ease, track their driving score to stay safe on the road, and get transparency into maintenance and repair costs.
About Jerry: Jerry is America’s first AllCar™ app. Packed with features designed to eliminate car ownership frustrations, Jerry uses AI to revolutionize how car owners manage all things car. Jerry helps 4 million U.S. customers find shockingly good insurance rates fast, refinance car loans with ease, track their driving score to stay safe on the road, and get transparency into maintenance and repair costs. To learn more or get started, visit getjerry.com or download the Jerry app in the App Store or Google Play.
1 Source: May 2023 survey of 1,431 American vehicle owners.
SOURCE Jerry
