About this raise
Automatic, with a $24 million valuation cap, is raising funds on Wefunder. 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%. Eric Burney, Max Kane, and John Liu founded Automatic in January 2020. The company has raised over $1 million in previous rounds of financing. The current round of crowdfunding has a minimum goal of $50,000 and a maximum goal of $1,070,000, and the funds will be used for business development, marketing, operations, and product buildout. Automatic has over 400 dealership partnerships and reported 40% month-over-month growth despite COVID-19.
Investment Overview
Invested $1,377,416 :
Deal Terms
Company & Team
Company
- Year Founded
- 2020
- Industry
- Financial & Insurance Products & Services
- Tech Sector
- Distribution Model
- B2B
- Margin
- High
- Capital Intensity
- Low
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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.
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Note: Share prices shown in earlier rounds may not be indicative of any stock splits.