YourMechanic has announced that it has raised $24 million, which brings its total financing to $32 million. The funding was provided by SoftBank Capital, Lerer Hippeau Ventures, Data Point Capital, Andreessen Horowitz, SAIC, Verizon Ventures, American Family Insurance, PG Ventures, Promus Ventures and Silicon Valley Bank. YourMechanic will use the capital infusion to make its highly rated service available nationwide and in Canada.
YourMechanic connects car owners with certified technicians who make house calls. The company offers more than 500 onsite services, including oil changes, brakes, belts, heating and A/C, manufacturer-scheduled maintenance and diagnostics. Consumers get an upfront price for services and book an appointment through the YourMechanic mobile app or website. The customers and technicians rate each other after the service is done, and technicians must maintain a 4-star rating or higher to continue their work on the platform. YourMechanic provides consumers with access to technicians at the top of their field, the convenience of having services completed at their home or office and transparent pricing that is on average 30 percent less expensive than traditional shops and dealerships.
“I founded YourMechanic in 2012 to bring transparency and convenience to car owners at a fair price. Since then we have serviced tens of thousands of happy customers and equally happy cars, resulting in triple-digit annual growth,” said co-founder and CEO Art Agrawal. “This commitment from leading investors is a reflection of our tremendous success to date and validation of our unique ondemand auto services brand that is redefining the way in which maintenance and repair services are delivered, discovered and booked.”
YourMechanic manages the entire car service process online, from service selection and quotes to booking and payments. They maintain service records and send maintenance reminders to customers through the mobile app. All YourMechanic technicians are certified, fully insured and background checked and each service is backed by YourMechanic’s 12-month, 12,000-mile warranty and $1 million liability policy.
The company also delivers a unique value proposition to technicians: two to three times the compensation of traditional brick-and-mortar repair shops, flexible schedules and the opportunity to build direct relationships with the drivers whose cars they’re entrusted to maintain, according to the company. “We often hear from our customers, ‘I’ve finally found my mechanic,'” said Agrawal. “Just like finding a great doctor, having access to an expert mechanic gives you peace of mind. We’re about delivering that peace of mind at a lower cost and without the hassle of spending the day at a shop or dealership.”
