Jerry (company)

Jerry Services Inc. (doing business as Jerry)[1] is an American company based in Palo Alto, California. Jerry's mobile app offers vehicle and home insurance comparisons, among other services.

Jerry
Founders
  • Art Agrawal
  • Musawir Shah
  • Lina Zhang
Headquarters
Palo Alto, California
,
United States
Key people
  • Art Agrawal (CEO)
  • Musawir Shah (CTO)
Number of employees
186 (2021)
Websitegetjerry.com

Business model

Jerry's mobile app allows users to compare and buy insurance, primarily for vehicle but also home insurance. The software uses artificial intelligence and machine learning, and Jerry generates revenue by earning a percentage of premiums when users purchase insurance policies.[2] There are also services for maintenance, financing, repair, warranties, and parking.[2][3] The app is available in all fifty U.S. states.[4] The company is a licensed insurance broker for approximately 4 million customers, as of 2023.[5]

History

Jerry was co-founded by Art Agrawal, Musawir Shah, and Lina Zhang in 2017.[6] The company's mobile app launched in January 2019. Agrawal, who previously co-founded YourMechanic, is Jerry's chief executive officer (CEO).[2] Shah and Zhang became chief technology officer and vice president of operations, respectively.[4] Based in Palo Alto, California, Jerry expanded into Lockport, New York in 2019. The company has 186 employees, as of 2021. Approximately 60 of the 70 employees in Lockport hold sales and service positions at a call center.[3][7] Jerry also has an office in Toronto.[4][8]

Jerry has raised $242 million in venture capital since 2017.[2][4] Goodwater Capital led the $28 million Series B round in May 2021; Jay Vijayan was among the angel investors.[6][9] In August, Jerry raised $75 million in a Series C round which valued the company at $450 million.[10] Goodwater led the round, which also saw participation by Highland Capital Partners.[2][11] Jerry secured $110 million in series C2 equity and debt financing in 2023.[12] Jerry's revenue increased ten-fold between 2019 and 2020.[6]

References
  1. Schubarth, Cromwell (August 11, 2021). "The Funded: Joby Aviation is just the first of a group of Bay Area companies preparing to fly onto Wall Street". Silicon Valley Business Journal. American City Business Journals. Archived from the original on August 12, 2021. Retrieved September 9, 2021.
  2. Azevedo, Mary Ann (August 10, 2021). "Jerry raises $75M at a $450M valuation to build a car ownership 'super app'". TechCrunch. Archived from the original on September 1, 2021. Retrieved September 9, 2021.
  3. Glynn, Matt (August 10, 2021). "Startup Jerry seeks more space for Lockport operations". The Buffalo News. ISSN 0745-2691. OCLC 8882862. Archived from the original on August 10, 2021. Retrieved September 9, 2021.
  4. "Insurance Comparison Site Jerry Raises $28 Million". Insurance Journal. May 20, 2021. Archived from the original on May 20, 2021. Retrieved September 9, 2021.
  5. Mendez, Andrew (August 2, 2023). "Jerry, which is developing a super-app for car owners, raised $110M in new funding". Bay Area Inno Reporter.
  6. Azevedo, Mary Ann (May 17, 2021). "AI-powered Jerry raises $28M to help you save money on car insurance". TechCrunch. Archived from the original on September 1, 2021. Retrieved September 9, 2021.
  7. Eisenberg, Jana (June 17, 2020). "In historic Lockport, Harrison Place business incubator aims to help". UpstartNY. Issue Media Group. Archived from the original on September 10, 2021. Retrieved August 18, 2021.
  8. Miner, Dan (May 17, 2021). "Jerry will double headcount in WNY after raising $28M in venture capital". Buffalo Business First. American City Business Journals. Archived from the original on September 10, 2021. Retrieved September 9, 2021.
  9. Miner, Dan (June 30, 2021). "Deals update: Startup funding rounds in Buffalo for first six months of 2021". Buffalo Business First. Archived from the original on July 3, 2021. Retrieved September 9, 2021.
  10. Sraders, Anne (August 11, 2021). "The rise of startups…for startups". Fortune. ISSN 0015-8259. Archived from the original on August 12, 2021. Retrieved September 9, 2021.
  11. Miner, Dan (August 10, 2021). "Jerry raises $75M in venture capital". Buffalo Business First. Archived from the original on August 10, 2021. Retrieved September 9, 2021.
  12. Bunny, Lian (August 3, 2023). "Car app startup Jerry raises $110 million, launches more services". Buffalo Inno.
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