202110 Aug

Jerry raises $75M at a $450M valuation to build a car ownership ‘super app’ –

Summary

As we enter more car expense categories, our total addressable market continues to grow.” “Access to reliable and affordable transportation is critical to economic empowerment,” said Rafi Syed, Jerry board member and general partner at Bow Capital, which also doubled down on its investment in the company. CEO Agrawal agrees, noting that Jerry’s high-performing annual recurring revenue model has made the company “attractive to investors” in addition to the fact that the startup “straddles” the auto, e-commerce, fintech and insurtech industries. “We recognized those investment opportunities could drive our business faster and led to raising the round earlier than expected,” he told TechCrunch. The company also believes it is set apart from competitors in that it doesn’t refer a consumer to an insurance carrier’s site so that they still have to do the work of signing up with them separately, for example. Jerry makes recurring revenue from earning a percentage of the premium when a consumer purchases a policy on its site from carriers such as Progressive.

Source: Techcrunch

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