ForeverCar.com, a company that operates an online marketplace that allows consumers to compare and purchase vehicle service protection plans, had a lot to celebrate Tuesday.
ForeverCar.com announced it had completed a $10 million Series A financing round that was led by CMFG Ventures, the venture capital entity of CUNA Mutual Group. The round also included participation from KDWC Ventures, SAP Fieldglass CEO and founder Jai Shekhawat and other existing investors. ForeverCar.com said it plans to use the funding to accelerate innovation and expand “its reach to power transactions for credit unions and banks, auto insurers, auto shopping portals and auto dealers.”
Mark Hodes, ForeverCar.com’s CEO, stated in a press release Tuesday, “ForeverCar.com started with a simple vision — give consumers a transparent online experience for purchasing car repair coverage. 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.”
Hodes on Tuesday also accepted his company’s Chicago Innovation Award during a ceremony held at the Harris Theater. The awards recognized innovative new products and services brought to market or to public service each year. Chicago Innovation Awards organizers aim to raise Chicago’s status as a hub for innovation.
More information about the other 2016 Chicago Innovation Awards winners is available on the group’s website.