When you have a car-related question or need, a Palo Alto startup is hoping you ask Jerry.
Jerry is an app and web site that offers auto insurance, car loan refinancing, repair estimates and advice.The company behind Jerry, Jerry Insurance Agency LLC, is a aiming for it to be a kind of super-app for car management, CEO Art Agrawal told the Business Journal.
"We're the first all-car app in America," Agrawal said. "We are trying to centralize everything you need."
Founded in 2017, Jerry has gradually expanded its offerings. It began offering insurance in 2019, allowing customers to compare rates from different companies. Last year, it added its loan refinancing offering.
On Wednesday, with a new round of $110 million in funding in hand, it announced two new services — GarageGuard, which helps customers with maintenance issues and repairs, and DriveShield, which tracks customers' driving habits and offers them rewards for being safe.
Including maintenance, the automobile market is worth trillions of dollars globally providing lots of room for Jerry to expand into new areas, Agarwal said.
"We have endless number of things we can work on, and so our focus is to continue to sort of innovate in the category and make the life of car owners much easier and make the experience of owning a car much simpler," he said.
It's already found a ready audience for its app and website. Jerry has some 4 million users, according to the company.
The startup also found some ready investors in latest deal, a second Series C following the $75 million original Series C it raised in 2021, according to PitchBook.
Jerry's new funding, which brings the total amount it's raised to $242 million, came in the form of both equity and debt. Agrawal declined to say how much it raised of each. Park West Asset Management led the equity side of the deal, while TriplePoint led the debt portion. Goodwater Capital, Highland Capital Partners and Plug And Play Ventures also participated in the round.
The startup's valuation increased with the round, but Agarwal declined to say what Jerry is now worth. Its backers valued it at $450 million as part of its original Series C, according to PitchBook.
