RepairSmith Raises $42 Million in Funding; Disrupts the Independent Automotive Repair Market with the Only Full-Service Mobile Solution
Leading Startup Targets Rapid Expansion, Already Delivering Service in 650 Cities Across Six States with Over 100,000 Service Appointments Completed to Date
LOS ANGELES, Aug. 19, 2021 /PRNewswire/ -- RepairSmith, a disruptive technology startup offering the first and only full-service mobile solution for automotive repair and maintenance, today announced it has raised a $42 million Series B funding round from investors, including TI Capital, Mercedes-Benz, Porsche Ventures, and Spring Mountain Capital. RepairSmith will use this cash infusion to continue rapid expansion of its service, already available in 650 cities across six states with over 100,000 service appointments completed to date.
With this news, RepairSmith has also appointed Ziad Ghandour of TI Capital and John L. Steffens of Spring Mountain Capital to its board of directors. Previously appointed board of directors include Andreas Joerg and Thomas Vogel of Mercedes-Benz AG.
"The independent automotive repair market has not changed in 50 years, and is ripe for massive disruption," noted Joel Milne, RepairSmith co-founder and CEO. "Since launching our service in August of 2019, RepairSmith has been delivering the most contemporary, convenient and cost-effective repair solution for the digital age by combining the ease of online booking and instant price quotes with 5-star mobile service and an unprecedented level of transparency and trust."
In addition to on-site repair and maintenance for car owners at their home or workplace, RepairSmith also offers on-location service to fleet operators, car rental agencies and dealership customers. The company provides service in Arizona, California, Georgia, Nevada, Oregon, and Texas and is currently expanding in the Southeast and Mid-Atlantic regions of the U.S.
"The original idea of RepairSmith was born in a Mercedes-Benz incubator session only a few years ago. It makes us very proud that RepairSmith's value and potential is also recognized by other investors who are partnering in the commitment to delivering innovative repair and maintenance services leading the technology transformation of our industry," said Andreas Joerg, Director of Service & Parts Business and Warranty & Goodwill Mercedes-Benz Cars. "The team at RepairSmith is taking a long-view of the changing customer expectations and technology requirements in the car repair industry and designing solutions to improve the customer experience."
Instead of contracted workers, RepairSmith utilizes a team of employee technicians who undergo background checks, certification verification, skills and customer service training in step with the company's highest standards. All services are backed by a 12-month, 12,000-mile warranty and are facilitated by RepairSmith's customized, state-of-the-art mobile repair vans.
"Finally, we believe there is a team that is bringing mobile service and repair into the digital age, using a robust technology platform backed by world-renowned automotive partners," stated Ziad Ghandour, founder of TI Capital. "RepairSmith is ideally positioned to transform the marketplace."
About RepairSmith
RepairSmith is on a mission to deliver convenient auto repair everywhere with its disruptive service, offering the first and only full-service mobile solution for automotive repair and maintenance.
The company delivers complete mobile repair and maintenance to car owners with the convenience of online booking and instant price quotes, combined with five-star quality service at fair, affordable prices. RepairSmith also delivers repair and scheduled maintenance on-location to fleet operators, car rental agencies and dealership customers.
Founded in 2018, RepairSmith is based in Los Angeles and offers service in 650+ cities across six states with over 100,000 service appointments completed to date. All RepairSmith technicians are employees of the company, equipped with customized state-of-the-art mobile service vans to deliver a best-in-class experience. Named one of Fast Company's Most Innovative Companies of 2021, RepairSmith is backed by TI Capital, Mercedes-Benz, Porsche Ventures, Spring Mountain Capital, and other venture and automotive investors. For more information, visit www.RepairSmith.com, or on social media via Twitter, and LinkedIn.
SOURCE RepairSmith
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