Today, Chicago-based ForeverCar.com — a marketplace to help users shop and compare vehicle protection and warranty products — announced the close of a $10 million Series A.
The round was led by CMFG Ventures, with additional participation from Chicago’s KDWC Ventures and SAP Fieldglass founder Jai Shekhawat, among other returning investors.
According to a company statement, the round will be used in part to fuel efforts in future innovation, but also to expand its current reach among credit unions, banks, auto insurers and dealers across the country.
“ForeverCar.com started with a simple vision — give consumers a transparent online experience for purchasing car repair coverage,” said Mark Hodes, CEO of ForeverCar.com, in the statement. “We’ve taken our consumer-friendly model to another level by using algorithms to recommend coverage plans that meet the driving habits and budget needs of our customers. This latest investment allows us to significantly expand the capabilities of our marketplace, add critical expertise in high growth areas, expand our distribution and deliver on our core brand promise of an exceptional user experience.”
According to Crain’s, the ForeverCar team currently sits at a headcount of about 25 and expects to continue to add talent in data science and machine learning, thanks to the new funding.
The infusion of capital comes on the heels of a win at the 15th annual Chicago Innovation Awards this month, with Hodes accepting the award earlier this week at the Harris Theater.
Image via Shutterstock.
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