Personal insurance shopper startup Jerry raises $110M in funding, doubles its AI-powered AllCar app services

It’s been two years since we last covered Jerry, a Palo Alto, California-based InsurTech startup that uses AI to revolutionize how car owners manage all things car. Using its AI- and machine-learning-based car insurance comparison engine, Jerry saves customers time and money on all their car expenses.

In 2021, Jerry emerged from stealth with $57M in funding to bring effortless access to automotive insurance, loans, maintenance, repairs, warranties, parking needs, and more in one super app.

Fast forward two years later, Jerry announced today that it has secured $110 million in a Series C2 funding round, with Park West Asset Management, an existing investor, leading the way. The funding round was oversubscribed and included a combination of equity and debt financing. Notably, other existing investors, such as Goodwater Capital, Highland Capital Partners, and Plug And Play Ventures, also reinvested in this round. TriplePoint Capital led the debt facility and also invested in equity financing.

This round marks Jerry’s second Series C funding, following its C1 round, and it has now secured a total funding of $242 million. With this substantial financial backing, Jerry is poised to further expand its offerings and solidify its position in the market.

Founded in 2019 by Art Agrawal, Lina Zhang, and Musawir Shah, Jerry provides the fastest, easiest, and only automated way to compare and save on car insurance. Through its platform, you can get the best, customized quotes from more than 45 insurance carriers in 45 seconds. Jerry customers skip all the long forms and unwanted human interaction while Jerry hunts for better rates, completes the transaction, and even cancels former policies on their behalf.

Since its inception four years ago, Jerry helps 4 million U.S. customers find 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.

In addition to the funding, Jerry also announced the launch of two new free services called GarageGuard™ and DriveShield™ to inform drivers and increase safety.

GarageGuard™ is like having a WebMD for your car, offering a range of useful services to car owners. From diagnosing issues to sending reminders for scheduled maintenance, providing estimated repair and maintenance costs, and even recommending trustworthy service providers, GarageGuard™ has got you covered.

On the other hand, DriveShield™ focuses on making you a safer driver. By tracking your driving scores and offering attractive rewards for safe driving habits, DriveShield™ encourages and empowers customers to be more responsible on the road. With both GarageGuard™ and DriveShield™ at your disposal, you can drive with confidence, knowing that your car is well taken care of and your safety is being rewarded.

But that’s not all – Jerry goes beyond just information. Customers also get access to exclusive discounts on repairs and services from a range of new partners, including America’s Tire, Curbee, Jiffy Lube, Valvoline Instant Oil Change℠, and FullSpeed Automotive’s family of brands, such as Grease Monkey Oil Changes & More, SpeeDee Oil Change & Auto Service, Kwik Kar, Uncle Ed’s, and American Lube Fast.

GarageGuard™ also goes above and beyond to help drivers maintain their vehicle’s value and confidence in purchasing repair services. It provides peace of mind through timely maintenance and recall alerts, ensuring that car owners can stay on top of their vehicle’s needs and drive with confidence. Say goodbye to car maintenance uncertainty with GarageGuard™ at your side.

“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.”

On the other hand, DriveShield™ has been a game-changer for hundreds of thousands of customers, empowering them to become safer and more responsible drivers. With its cutting-edge driving score tracker and attractive rewards program, the service has successfully incentivized users to adopt safer driving habits.

By providing this service for free, DriveShield™ not only assists drivers in reducing costs but also helps them avoid accidents, subsequently preventing expensive repair costs and insurance rate hikes. And the best part is, users can have complete peace of mind knowing that their driving data is kept secure. Jerry, the company behind DriveShield™, stands firm in its commitment to never sell customer data, ensuring the utmost privacy and security for its users. With DriveShield™, safer driving and savings go hand in hand.

“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.”