ForeverCar, the company that is transforming the way consumers get their car repaired, recently announced that it has closed a $15 million debt and equity financing round.
The investment includes additional follow on equity participation of over $3 million from existing investors CMFG Ventures, which is the venture capital arm of CUNA Mutual Group, Method Capital LLC, SAP Fieldglass Founder and former CEO Jai Shekhawat, and other existing investors. Additionally, ForeverCar has established a relationship with a new partner which allows the company to further fund its growth through a $12 million debt facility. The transaction was managed by City Capital Advisors.
With this new infusion of capital, ForeverCar plans to expand its innovative and consumer-friendly financing solution by capitalizing a new entity, ForeverCar Consumer Credit, LLC. The company will also expand their direct-to-consumer and business-to-business marketing, sales, and servicing capabilities.
"This capital raise signals continued confidence in our business model and belief in our unique customer value proposition," said Mark Hodes, Founder and CEO of ForeverCar. "Our talented team now has the tools needed to accelerate growth and drive consumer adoption of our solution by more than 200 million car owners who have an expired manufacturer warranty." ForeverCar has raised more than $25 Million in funding to date. The company's vehicle service platform operates across all fifty states.
Edited by G. Davila