September 05, 2017

ForeverCar Closes $15M Capital Raise

ForeverCar (www.forevercar.com), the company that is transforming the way consumers get their car repaired, today announced that it closed a $15 million debt and equity financing round.

 The investment includes participation 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 access to debt. The transaction was managed by City Capital Advisors.

 With this new infusion of capital, ForeverCar will 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 an endorsement of 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.

About ForeverCar

ForeverCar is a leading technology platform revolutionizing the car repair industry.  By selling vehicle service contracts to consumers directly and through reputable brands, ForeverCar has created a unique, transparent and full-service solution for car owners whose vehicles are not covered by the manufacturer warranty.  Founded in 2012 and recognized for their exceptional customer service, ForeverCar has earned more than 600 four and five-star consumer reviews and has received an A+ rating from the Better Business Bureau. The ForeverCar platform powers transactions on behalf of Liberty Mutual, CUNA Mutual Group and other partners. For more information, please visit www.forevercar.com.

Media Contact:

Anthony Millot
media@forevercar.com
(844) 392-4797

 
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©ForeverCar.com – 2021. All Rights Reserved. This web site and associated marketing material that links to this web site uses the terms “Warranty”, “Extended Warranty”, “Extended Service Protection Plans”, and “Vehicle Service Contract” as equivalents for marketing purposes only. However, as a technical matter, automobile manufacturers are the only entities that can offer extended car warranties. All other sellers offer vehicle service contracts. ForeverCar is not an automobile manufacturer. ForeverCar is offering mechanical repair coverage for sale on this web site. This brief summary is not a contract document. The coverage described may not mirror the actual coverage purchased at the time of sale. Specific vehicle service contract coverage varies depending upon the service contract purchased, optional coverage selections, state of purchase, and administrator agreement. Please read the actual contract documents for important details on coverage, limits, conditions and terms. If there is any conflict between this summary and the contract documents, the contract documents will control.
Mechanical Repair Coverage is provided and administered by Consumer Program Administrators, Inc. in all states except CA, where coverage is Mechanical Breakdown Insurance, offered as insurance by Virginia Surety Company, Inc., in NH, where coverage is provided and administered by Consumer Program Administrators, Inc. dba Consumer Warranty Program Administrators, in TX, where coverage is provided and administered by Consumer Program Administrators, Inc. dba The Administrators of Consumer Programs (TX License #175), in FL and OK, where coverage is provided and administered by Automotive Warranty Services of Florida, Inc. (FL License #60023 and OK License #44198051), and in WA, where coverage is provided by National Product Care Company and administered by Consumer Program Administrators, Inc., all located at 175 West Jackson Blvd., Chicago, IL 60604, 1-800-752-6265. Coverage varies by state. Replacement parts may be new, used, non-OEM or remanufactured. Be sure to read the Vehicle Service Contract or the Insurance Policy, which will explain the exact terms, conditions, and exclusions of this voluntary product.
ForeverCar LLC (CA License #0L787726) is an affiliate of CUNA Mutual Insurance Agency, Inc. Coverage varies by state. Replacement parts may be new, used, non-OEM or remanufactured. Be sure to read the Vehicle Service Contract or the Insurance Policy, which will explain the exact terms, conditions, and exclusions of this voluntary product.
FOREVERCAR CONSUMER CREDIT NMLS #1547534