Urgent.ly, the only company in the nation seamlessly connecting motorists to roadside assistance providers using its own smartphone applications, today announced that it has completed a $1.2 million Pre-Series A funding round. This brings the total investment in Urgent.ly to nearly $1.8 million. New investor Select Venture Partners led the round, which included angels from the mapping and on-demand sectors. Existing seed investors Blu Ventures and CIT GAP Funds also participated in the round. Urgent.ly will use the funds to further accelerate the company's growth throughout the greater Washington, DC area and to prepare for expansion in other markets.
Urgent.ly's unique on-demand roadside assistance solution for vehicle breakdowns, lock-outs, flat tires and unexpectedly empty gas tanks leverages proprietary real-time dispatch and SmartMatch platforms to instantly connect consumers to help. Motorists use Urgent.ly's apps to see, locate and quickly connect with nearby, open and available help from its extensive and verified roadside assistance network. They get a live view of the service provider's location and progress, and can track the roadside assistance vehicle's route. Urgent.ly's innovative pay-on-demand and transparent, flat-rate pricing model does not require users to pre-pay expensive annual or monthly subscription or membership fees that traditional auto clubs and insurance companies demand.
Urgent.ly has grown rapidly since its March 2014 seed round, building a network of more than 160 roadside assistance vehicles in the Washington, DC area, serving thousands of customers, and creating new business and revenue for their service network partners. To continue this growth, Urgent.ly is increasing its presence and marketing efforts in the DC region and growing its network of service providers across the country.
'Since launching Select Venture Partners earlier this year, we are seeing more entrepreneurs like the experienced team at Urgent.ly develop innovative solutions to critical problems,' said Michael Pratt, Managing Partner, Select Venture Partners. 'We based our investment decision on the compelling value proposition that Urgent.ly provides as the Service sector in America is transformed by the on-demand revolution combined with a very strong and seasoned management team.'
'Blu Venture Investors launched in 2010 with a mission to fund great ideas and great entrepreneurs,' said Matthew Hanson, Partner, Blu Venture Investors. 'We have since invested more than $16 million in 21 companies. Urgent.ly is a natural addition to our portfolio. They are at the very heart of the mobile on-demand experience for consumers, and we have great confidence that Urgent.ly's leadership team will transform the way people get roadside help. Blu Venture Investors led the Seed Round Investment earlier this year; Urgent.ly's progress in just a few short months has been remarkable. Re-investing in the Pre-Series A round was a no-brainer for us.'
Tom Weithman, CIT Vice President and GAP Funds Managing Director, said, 'Urgent.ly has shown tremendous growth since raising their initial seed round earlier this year. They have carved out a unique assistance program that is currently unmatched in the industry. Our participation in the Pre-Series A round is an indicator in our confidence that Urgent.ly will continue to scale and expand their service.'
'As we continue to bring much needed speed, transparency and convenience to roadside assistance through our innovative solution, we are thrilled to welcome new investors in Urgent.ly and to see our initial investors strengthen their commitment to our vision,' said Chris Spanos, co-founder and CEO of Urgent.ly. 'It's exciting to get the support of and work with such highly experienced and successful partners as we work to grow the company and rapidly expand our service.'
About Urgent.ly:
Urgent.ly is the new, trusted source for roadside assistance. One of the latest entrants in the growing on-demand mobile economy, Urgent.ly provides a timely, safe and cost-effective roadside assistance experience without a subscription or membership. It offers two-tap, transparent service; clear, flat-rate pricing; and cashless, reliable help for motorists in need of a tow, tire change, fuel, jump start or lock-out service. Drivers can download the iOS app on iTunes at http://bit.ly/1kqkfVe or immediately access the service via mobile web at m.urgent.ly. More information on the company is available at Urgent.ly.
Founded by a group of executives who have successfully launched a wide variety of startup ventures acquired by companies such as AOL, Revolution Health, N.E.W. and Comcast, Urgent.ly completed its seed round of funding in March 2014, as well as a larger, pre-series A round. The company has provided roadside assistance to thousands of motorists in the Washington, DC area, and is poised to expand to new markets by the end of 2014.