Fintech Startup ForeverCar Secures $15 Million

ForeverCar announced it has raised $15 million in financing. Five investors participated in the round, including CMFG Ventures, Method Capital, and City Capital Advisors.

ForeverCar’s goal is to redefine how people shop, buy and benefit from vehicle service protection plans. ForeverCar.com lets users compare plans, get quotes that explain what’s covered, and purchase plans that fit their needs and budget. These contracts are backed by A.M. Best, an A-rated insurance underwriter. Users also get car repair concierges, who handle everything from explaining coverage options to paying for repairs.

In its announcement, the company said this new infusion of capital will help ForeverCar expand its financing solution by capitalizing a new entity, ForeverCar Consumer Credit, LLC. The company will also expand its direct-to-consumer and business-to-business marketing, sales, and servicing capabilities.