Urgently Inc. — the Vienna company that aims to upend the roadside assistance industry — has taken on $75 million in debt financing to further the company’s growth, including “aggressively” expanding the company’s footprint in the U.S., it said in a press release Wednesday.
The financing comes from funds managed by Highbridge Capital Management LLC, Onex Credit and Whitebox Advisors. Structural Capital also refinanced and increased its debt facility with Urgently to $17.5 million.
Urgently’s platform uses location data, AI and machine-to-machine communication to give drivers, car companies and roadside assistance providers real-time updates on assistance and provide feedback on an easy-to-use digital platform. Customers can request roadside assistance either through that platform or by phone.
In addition to allowing Urgently — formerly Urgent.ly — to expand the geographic reach of its roadside assistance platform, the company said the financing will go towards new product…
Read the full story from the Washington Business Journal.
