Automatic

Automatic

Closed: Nov. 2021

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.

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Investment Overview

Invested this round: $1,377,416

Deal Terms

Total Commitments ($USD)

Platform
Wefunder
Start Date
01/18/2021
Close Date
11/12/2021
Min. Goal
$50,000
Max Goal
$5,000,000
Min. Investment

$100

Security Type

SAFE

Series

Seed

SEC Filing Type

RegCF    Open SEC Filing

Valuation Cap

$13,000,000

Discount

0%

Company & Team

Company

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

Team

Employees
3
Prior Founder Exits?
No
Founder Name
Eric Burney
Title
CEO

Financials

 Revenue
$4,495
 Cash on Hand
$5,200

Summary Profit and Loss Statement

Most Recent Year Prior Year

Revenue

$24,790

$0

COGS

$0

$0

Tax

$0

$0

 

 

Net Income

$4,495

$0

Summary Balance Sheet

Most Recent Year Prior Year

Cash

$5,200

$0

Accounts Receivable

$24,790

$0

Total Assets

$178,590

$0

Short-Term Debt

$174,095

$0

Long-Term Debt

$0

$0

Total Liabilities

$174,095

$0

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Company Funding & Growth

Funding history

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

Price per Share History

Note: Share prices shown in earlier rounds may not be indicative of any stock splits.

Employee History

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Add to portfolio
Automatic on Wefunder
Platform: Wefunder
Security Type: SAFE
Valuation: $13,000,000

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