Mobile Auto Repair Company RepairSmith Nets $42M In Funding

Full-service mobile auto repair and maintenance firm RepairSmith on Thursday (Aug. 19) announced 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 cities and towns in six states to build on the 100,000 service appointments it has completed so far.

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 Andreas Joerg and Thomas Vogel of Mercedes-Benz AG, among others.

RepairSmith offers on-location service to fleet operators, car rental agencies and dealership customers in addition to its repairs and service at customers’ homes and offices in Arizona, California, Georgia, Nevada, Oregon and Texas. The company is planning to expand across the U.S. southeast and Mid-Atlantic.

All RepairSmith’s services are backed by a 12-month, 12,000-mile warranty.

Related: YourMechanic Unveils Auto Repair App

Mobile auto repair company YourMechanic introduced a consumer app on iOS and Android last week, allowing car owners to order hundreds of services that can be done wherever the customer wants.

YourMechanic, whose mobile car service is in 3,000 U.S. cities, launched the app in response to customer demand, noting repeat business represents about 40 percent of the company’s revenue. The app gives “a complete 360-degree view of their car’s health, history and service requirements” and features price quotes, instant repair scheduling and detailed vehicle service reports.

Also read: Jerry AI Insurance App Valued At $450M After $75M Series C

Earlier this month, insurance app Jerry completed a $75 million Series C funding round that pushed its value to $450 million.

The money, which follows a Series B round earlier this year that brought in $28 million, will help Jerry launch marketplaces in vehicle financing, repair, warranties, parking, maintenance and other services.

Jerry says it saves its customers an average of $800 per year on automobile insurance, and expects that number could go up as its artificial intelligence (AI) and machine learning technologies improve.