CarmaCare launched a proprietary "healthcare-for-your-car" subscription service to cover mechanical failures and extended-warranty–style repairs, with plans that include roadside assistance and deductible options of $100 or $250. The product covers replacement parts and powertrain, electronic, and mechanical components, and features a Virtual Garage that offers remote triage and unbiased repair cost estimates. Founded in 2021 by Jonathan Palan, the company aims to address the $35 billion car warranty and service contract market and to provide a consumer-friendly alternative to traditional, often predatory, warranty offerings. CarmaCare is currently direct-to-consumer but is exploring B2B2C opportunities and is in talks with potential partners. The company says it has some revenue and that its product, launched three months ago, has shown early traction that exceeded expectations. Management plans to invest in product and technology, customer acquisition, and hiring underwriters and data scientists, and is considering a small debt facility to finance customers and new products.

Total raised

$5M

Funding rounds

1

Latest round

Equity

Latest activity

Apr 2023