About ForeverCar
ForeverCar is a company based in Chicago (United States) founded in 2011 was acquired by CUNA Mutual Group in November 2020.. ForeverCar has raised $17.65 million across 5 funding rounds from investors including CUNA Mutual Group, CMFG Ventures and Method Capital. The company has 12 employees as of December 31, 2022. ForeverCar operates in a competitive market with competitors including RepairPal, CarDash, Openbay, Endurance and WarrCloud, among others.
- Headquarter Chicago, United States
- Employees 12 as on 31 Dec, 2022
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Sectors
Transportation, Automotive & LogisticsBusiness Services
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Email
***********
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Phone
*********
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Website
*********
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Social
*********
- Legal Name Forevercar Llc
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Annual Revenue
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Net Profit
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EBITDA
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Total Equity Funding
$17.65 M (USD)
in 5 rounds
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Latest Funding Round
$648.75 K (USD), Series A
Apr 03, 2020
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Investors
CUNA Mutual Group
& 4 more
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Employee Count
12
as on Dec 31, 2022
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Acquired by
CUNA Mutual Group
(Nov 12, 2020)
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Software Development Team
158 people
Leadership Team
104 people
Sales and Marketing
74 people
Product Management Team
33 people
Legal and Compliance
28 people
Senior Team
20 people
Finance and Accounting
19 people
Operations Team
19 people
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Funding Insights of ForeverCar
ForeverCar has successfully raised a total of $17.65M across 5 strategic funding rounds. The most recent funding activity was a Series A round of $648.75 thousand completed in April 2020. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 5
- Last Round Series A — $648,750
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First Round
First Round
(07 Apr 2016)
- Investors Count 4
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Apr, 2020 | Amount | Series A - ForeverCar | Valuation |
investors |
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| May, 2018 | Amount | Series A - ForeverCar | Valuation |
investors |
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| Sep, 2017 | Amount | Debt – Conventional - ForeverCar | Valuation |
investors |
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| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in ForeverCar
ForeverCar has secured backing from 5 investors, including venture fund, angel, and institutional investors. Prominent investors backing the company include CUNA Mutual Group, CMFG Ventures and Method Capital. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Corporate-backed venture capital firm focused on fintech, Insurtech, and multiple sectors
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Founded Year | Domain | Location | |
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Venture capital funding is provided to Midwest technology companies.
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Founded Year | Domain | Location | |
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Venture capital funding is provided to Midwest technology companies.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by ForeverCar
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - ForeverCar
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Forevercar Comparisons
Competitors of ForeverCar
ForeverCar operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as RepairPal, CarDash, Openbay, Endurance and WarrCloud, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Auto repair estimates and vetted mechanic directories are offered online.
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| domain | founded_year | HQ Location |
Online marketplace for car repair services
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| domain | founded_year | HQ Location |
Automotive repair services are aggregated via a mobile app platform.
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| domain | founded_year | HQ Location |
Vehicle coverage plans are provided by Endurance for automotive protection.
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| domain | founded_year | HQ Location |
Automotive warranty processing services are transformed and streamlined for efficiency.
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| domain | founded_year | HQ Location |
Quotes for car repairs are received from nearby garages online.
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| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Forevercar
Frequently Asked Questions about ForeverCar
When was ForeverCar founded?
ForeverCar was founded in 2011 and raised its 1st funding round 5 years after it was founded.
Where is ForeverCar located?
ForeverCar is headquartered in Chicago, United States. It is registered at Chicago, Illinois, United States.
Is ForeverCar a funded company?
ForeverCar is a funded company, having raised a total of $17.65M across 5 funding rounds to date. The company's 1st funding round was a Debt – Conventional of $12M, raised on Apr 07, 2016.
How many employees does ForeverCar have?
As of Dec 31, 2022, the latest employee count at ForeverCar is 12.
What does ForeverCar do?
ForeverCar was founded in 2011 in Chicago, United States. An online platform is operated in the auto insurance sector, where insurance for vehicle service contracts is offered. Partnerships are maintained with service providers to integrate quoting, commerce, and fulfillment engines. Additional services such as wheel and tire protection, dent and ding protection, key replacement, and windshield protection are also provided.
Who are the top competitors of ForeverCar?
ForeverCar's top competitors include RepairPal, CarDash and WhoCanFixMyCar.
Who are ForeverCar's investors?
ForeverCar has 5 investors. Key investors include CUNA Mutual Group, CMFG Ventures, Method Capital, Jai Shekhawat, and Method Capital.