Automatic (2022)

Automatic (2022)

Closed: Dec. 2022

About this raise

Automatic, with a valuation of $20 million, is raising funds on Republic. It is a fintech platform that connects lenders and independent auto dealers in the used car space. The app improves the experience for used car buyers, finance managers, and insurance managers. It has helped to reduce the loan approval time by 87.5% and data entry by 75%. Automatic has over 1,400 dealership partnerships and $25-$30 million in recurring monthly deal flow. Eric Burney, Max Kane, and John Liu founded Automatic in January 2020. The current crowdfunding campaign has a minimum target of $25,000 and a maximum target of $2.4 million. The campaign proceeds will be used for business development, loan program, product and key hires, marketing, and operations.

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Investment Overview

Invested this round: $56,035

Deal Terms

Total Commitments

Platform
Republic
Start Date
09/20/2022
Close Date
12/31/2022
Min. Goal
$25,000
Max Goal
$2,400,000
Min. Investment

$500

Security Type

SAFE

Company Stage

Early Stage

SEC Filing Type

RegCF    Open SEC Filing

Valuation Cap

$20,000,000

Discount

0%

Company & Team

Company

Year Founded
2020
Industry
Financial & Insurance Products & Services
Tech Sector
Fintech
Distribution Model
B2B
Margin
Medium
Capital Intensity
Low
Location
Vernon, Connecticut
Business Type
High Growth
Company Website
Visit Website

Team

Employees
4
Prior Founder Exits?
No
Founder Name
Alex Egan
Title
Marketing and Product Advisor
Founder Name
John Liu
Title
Co-founder
Founder Name
Max Kane
Title
CFO
Founder Name
Eric Burney
Title
CEO

Financials

 Revenue
$40,798
 Monthly Burn
$78,351
 Runway
0.2 months

Summary Profit and Loss Statement

Most Recent Year Prior Year

Revenue

$40,798

$32,808

COGS

$0

$0

Tax

$0

$0

 

 

Net Income

$-940,207

$-53,088

Summary Balance Sheet

Most Recent Year Prior Year

Cash

$11,845

$382,108

Accounts Receivable

$0

$0

Total Assets

$879,721

$695,184

Short-Term Debt

$116,665

$85,508

Long-Term Debt

$1,693,686

$600,099

Total Liabilities

$1,810,351

$685,607

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Company Funding & Growth

Funding history

Total Prior Capital Raised
$1,693,686
VC Backed?
Yes
Close Date Platform Valuation Total Raised Security Type Status Reg Type
12/31/2022 Republic $20,000,000 $56,035 SAFE Funded RegCF
11/12/2021 Wefunder $13,000,000 $1,377,416 SAFE Funded RegCF
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Growth Charts

Revenue History

Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.

Valuation History

Employee History

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Add to portfolio
Automatic on Republic 2022
Platform: Republic
Security Type: SAFE
Valuation: $20,000,000

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Follow Automatic on Republic 2022

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