Urgent.ly, a US-based roadside assistance and towing service app developer, has raised $7m in a series A round featuring insurance provider Allianz, and broadband and telecommunications service provider Verizon.
Venture capital firm Forté Ventures led the round and will take a seat on Urgent.ly’s board. Allianz and Verizon invested through their respective corporate venturing units, Allianz Digital Corporate Ventures and Verizon Ventures.
Urgent.ly operates an app that enables drivers to request roadside assistance from the nearest service provider. The app also includes accident alerts and lets family members know if a loved one has requested help.
The company previously obtained $1.2m in an October 2014 round led by Select Venture Partners, which also included Blu Ventures and CIT Gap Funds. Blu Ventures, CIT Gap and assorted angel investors also supplied approximately $500,000 for Urgent.ly in April 2014.
Marc Oerke, head of Allianz Digital Corporate Ventures, said: “We consider Urgent.ly a great asset to our investment portfolio of digital ventures.
“The solution developed by Urgent.ly delivers a fully customer-centric value proposition in a digitalised way. Our investment in Urgent.ly provides Allianz access to the US market of on-demand roadside assistance and we look forward to promoting partnership opportunities and innovation between Urgent.ly and Allianz in other markets.”