Jerry announces $57 million in total funding
Personal insurance shopping app Jerry announced that it has raised more than $57 million in total funding. Recently, the California-based startup closed a $28 million Series B round led by Goodwater Capital with participation from 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, cofounder and president of Stash, Johnson Cook, president of Greenlight, and Timothy Sheehan, CEO of Greenlight. In 2018, Jerry completed a Series A round led by Bow Capital, with participation from Y Combinator, SV Angel, FundersClub, Joe Montana’s Liquid 2 Ventures, Plug and Play Ventures; Zillionize, and Immad Akhund (CEO of Mercury).
Launched in 2019, Jerry generated “tremendous revenue and customer growth” and serves nearly 1 million customers. The startup works with a range of carriers including Progressive, Allstate and Travelers, but GEICO is out of the mix. Based on my experience, Jerry provides a fast service but there are some hiccups
Last year, we told you that Jerry is looking to go beyond insurance as it was searching for individuals to build out and grow its new car refinancing business.
“We’re bringing the daily needs of car owners – insurance, loans, maintenance, repairs, warranties, parking, and more – in line with modern e-commerce expectations to create a frictionless cost-saving experience. 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. Our talent and our balance sheet are strong. 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.” – Art Agrawal, cofounder and CEO, Jerry.
“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. 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.” – Chi-Hua Chien, Goodwater Capital.
“The market opportunity for insurtech, fintech, and all car-ownership-related needs is large and growing. 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.” – Rafi Syed, Bow Capital.
