A startup with its biggest cluster of workers in Western New York recently raised over $100 million.
Palo Alto, California-based Jerry, which aims to be America’s first car app that makes it easy to manage all things car-related for free, recently announced that it has raised a Series C2 funding round of $110 million in equity and debt financing, according to a press release.
As of spring of this year, the company had 58 of its 235 total workers based in Lockport, making it the business’ largest group of employees.
The funding accelerated Jerry’s AllCar app adding two more AI-powered services: GarageGuard, which diagnoses car issues, reminders users of scheduled maintenance needs, recommends service providers and estimates repair and maintenance prices; and DriveShield, which tracks driving scores and offers safe-driving rewards to encourage customers to be safer.
The Series C2 round, which the startup “quietly secured” in 2022, was led by existing investor Park West Asset Management, based in Larkspur, California. Past investors, such as Goodwater Capital, Highland Capital Partners and Plug and Play Ventures, also participated in the round.
Menlo Park, California-based TriplePoint Capital led the debt facility and also invested in the equity financing.
To date, the startup has raised a total of $242 million in funding.
In 2022, Jerry, a 2023 winner of Buffalo Inno's Fire Awards, added 1 million customers to its app.
Along with adding services, the business also aims to grow through efficiency, making the car-ownership process cheaper and hassle free, Josh Damico, Jerry vice president of insurance operations, previously told Business First.
“Employees based out of our Lockport customer service headquarters are on the front lines,” said Damico, head of the Lockport office. “They are responsible for serving those customers."
