Jerry today announced that the company has raised $75 million in Series C funding, just months after raising $28million. This brings the company's value to $450 million.Goodwater Capital, an existing backer, doubled down its investment in Jerry. This led to the oversubscribed round. Bow Capital, Kamerra and Highland Capital Partners were also part of the financing. This brings Jerry's total raised to $132million since its 2017 inception. Goodwater Capital was also involved in the startup Series B earlier in the year. Art Agrawal, co-founder and CEO of Jerry's company, said Jerry's valuation is now 4x the value at its Series B round.The current valuation includes our annual recurring revenues, growing customer base, and total address market. TechCrunch spoke with Agrawal, who said that the company has met and exceeded its revenue and growth targets with its first product. It is a service to compare and buy car insurance. Agrawal stated that Jerry's revenue increased by 10x in 2020, compared to 2019, at the time of the companys previous raise.Jerry claims it has developed its model to a mobile first car ownership super app. It aims to save customers money and time on car expenses. In January 2019, the Palo Alto-based startup launched a car insurance comparison service that uses artificial intelligence and machine learning. Since then, it has quietly amassed almost 1 million customers in the United States.Agrawal stated that consumers today have to visit multiple places in order to resolve different issues. Jerry wants to change this.The company's new funding round will allow it to launch its compare-and-buy marketplaces across new verticals including repair, warranty, parking, maintenance, and additional money-saving options. However, the focus of the new marketplaces is car ownership.TechCrunch was informed by Agrawal that the company is on track for tripling last year's policy sales and that Jerry is the number one broker for some of the top 10 insurers.He said that the U.S. auto industry is worth at least $250 billion. Our first auto financing service has a market potential of $260 billion. Our total market addressable continues to expand as we add more vehicle expense categories.Rafi Syed is a Jerry board member and general partnership at Bow Capital. Bow Capital also doubled its investment in the company. Jerry helps car owners get the most out of every dollar they make. We see Jerry as a great technology investment that showcases the power of financial data, but it's also a high-performing financial investment because of the financial inclusion support it provides.Chi-Hua Chien, Goodwater Capital Partner, said that the firm's recurring revenue model sets it apart from other lead-generation-based car insurance comparison websites.CEO Agrawal concurs, noting Jerry's high-performing annual revenue model and the fact that the startup crosses the insurtech, auto, and e-commerce industries.TechCrunch spoke to him that we recognized these investment opportunities as a way to accelerate our business. We are eager to offer new products to customers to help them save time and money on their auto expenses. The new investment also reduces the time it takes to get to market.Agrawal believes Jerry is unique in that it helps consumers with all aspects of car ownership, from repair and maintenance to insurance to warranties. Agrawal also believes that Jerry is different from other auto-related marketplaces in that it does not refer consumers to insurance companies sites so that they have to sign up separately. Instead, Jerry uses automation to provide customized quotes from over 45 insurance companies in less than 45 seconds. This allows the consumer to sign up to the new carrier through Jerry. Jerry can also cancel their existing policies.Jerry earns recurring revenue by earning a portion of the premium when a customer purchases a policy from Progressive.
