Can ForeverCar Change Vehicle Servicing as it Raises $15M Capital?

ForeverCar, which aspires to transform the way consumers get their cars repaired, has closed a $15 million debt and equity financing round.

The investment includes additional follow on equity participation of over $3 million from existing investors.

Additionally, ForeverCar has established a relationship with a new partner which allows the company to further fund its growth through a $12 million debt facility.

The group is attempting to revolutionize the car repair industry by selling vehicle service contracts to consumers directly and through reputable brands. The goal is to establish a transparent and full-service solution for car owners whose vehicles are not covered by the manufacturer warranty. The company was founded in 2012.

According to Mark Hodes, Founder and CEO of ForeverCar, “Our talented team now has the tools needed to accelerate growth and drive consumer adoption of our solution by more than 200 million car owners who have an expired manufacturer warranty.” ForeverCar has raised more than $25 Million in funding to date. The company says that its  vehicle service platform operates across all fifty states.