Auto repair company RepairSmith earns $ 42 million
Full-service mobile auto repair and maintenance company RepairSmith announced Thursday, August 19, that it has raised $ 42 million in a Series B funding round from investors including TI Capital, Mercedes-Benz, Porsche Ventures and Spring Mountain Capital.
RepairSmith will use the money as part of its service expansion beyond 650 towns and cities in six states to build on the 100,000 service appointments it has made to date.
As part of the investment, RepairSmith appointed Ziad Ghandour of TI Capital and John L. Steffens of Spring Mountain Capital to its board of directors, joining among others Andreas Joerg and Thomas Vogel of Mercedes-Benz AG.
RepairSmith provides on-site service to fleet operators, rental car companies and dealer customers in addition to repair and service to customers’ homes and offices in Arizona, California, Georgia, Nevada, Oregon and Texas. The company plans to expand in the southeastern United States and the mid-Atlantic.
All RepairSmith services are backed by a 12-month, 12,000-mile warranty.
Related: YourMechanic Unveils Auto Repair App
Mobile auto repair company YourMechanic launched a consumer app on iOS and Android last week, allowing car owners to order hundreds of services that can be performed anywhere the customer wants.
YourMechanic, whose mobile car service operates in 3,000 US cities, launched the app in response to customer demand, noting repeat business accounts for about 40% of the company’s revenue. The app gives “a full 360-degree view of their car’s health, history and maintenance needs” and offers quotes, an instant repair schedule and service reports. details of the vehicle.
Also Read: Jerry AI Insurance App Valued At $ 450 Million After $ 75 Million Series C
Earlier this month, the insurance app Jerry completed a $ 75 million Series C fundraiser that increased its value to $ 450 million.
The money, which follows a Series B round earlier this year that grossed $ 28 million, will help Jerry launch markets for vehicle finance, repairs, warranties, parking, maintenance and maintenance. ‘other services.
Jerry says he saves his customers an average of $ 800 a year on auto insurance, and expects that number to grow as his artificial intelligence (AI) and learning technologies automatic improve.