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 insurance but also home insurance. The software uses artificial intelligence and machine learning, and Jerry generates revenue by earning a percentage of premiums when consumers purchase policies from insurance carriers.[2] Jerry has expanded the "super app" to provide services related to maintenance, financing, repair, warranties, and parking.[2][3] The app is free to use and available in all fifty U.S. states.[4] The company is a licensed insurance broker for approximately 1 million customers in the U.S., as of August 2021.[2]

History

Jerry was co-founded by Art Agrawal, Musawir Shah, and Lina Zhang in 2017.[5] The company's mobile app launched in January 2019. Agrawal, who previously co-founded YourMechanic, is Jerry's current chief executive officer (CEO).[2] Shah and Zhang serve as chief technology officer and vice president of operations, respectively, as of 2021.[4]

Based in Palo Alto, California, Jerry expanded into Lockport, New York in 2019. The company has 186 employees, as of August 2021. Approximately 60 of the 70 employees in Lockport hold sales and service positions at a call center housed in Harrison Place,[3] a facility formerly operated by the Harrison Radiator Corporation, which is now part of the Western New York Incubator Network and managed by University at Buffalo Business and Entrepreneur Partnerships.[6] Jerry also has an office in Toronto, as of 2021.[4][7]

Jerry's revenue increased ten-fold between 2019 and 2020.[5] In 2021, Jerry published a report on driver performance based on data about violations.[8]

Funding

Jerry has raised $132 million in venture capital since 2017.[2][4] Goodwater Capital led the $28 million Series B round in May 2021; other angel investors included Johnson Cook and Timothy Sheehan (president and CEO of Greenlight, respectively), Brandon Krieg and Ed Robinson of Stash, Jon McNeill (Lyft, Tesla, DVx Ventures), and Jay Vijayan.[5][9] In August, Jerry raised an additional $75 million in a Series C round which valued the company at $450 million.[10] Goodwater led the round, which also saw participation by Bow Capital, Highland Capital Partners, Kamerra, and Park West Asset Management.[2][11]

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. 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.
  6. 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.
  7. 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.
  8. Jamieson, Dean (August 13, 2021). "Report finds that New York drivers are better than New Jersey, California drivers". AM New York Metro. Archived from the original on August 13, 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.
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