US-based on-demand car maintenance platform YourMechanic has raised $10.2m in funding from investors including insurance firm American Family and telecommunications firms SoftBank and Verizon.
Financial services firm Royal Bank of Canada led the round, which also featured Data Point Capital and angel investor Rick Wagoner. The corporates invested through subsidiaries American Family Ventures, SoftBank Capital and Verizon Ventures respectively.
Founded in 2012, Your Mechanic operates a service spanning more than 5,000 North American cities that dispatches contracted car mechanics to homes or offices so customers do not have to journey into their closest servicing centre for car repairs.
The company plans to seize on the growth in modern transportation services including ride hailing and will use the funding to target those areas and expand its business in Canada. It has now raised a total of $42.2m in funding.
SoftBank Capital, Verizon and American Family had previously joined automotive manufacturer SAIC, Data Point, Silicon Valley Bank, Lerer Hippeau Ventures, Andreessen Horowitz, PG Ventures and Promus Ventures to invest $24m in Your Mechanic in 2016.
The company had also secured $1.8m in a 2012 seed round featuring Y-Combinator, Andreessen Horowitz, Lerer Ventures, Launch Capital, SV Angel, Crunchfund, A-Grade Investments and a number of angel investors.