Total amount raised
$114.5 Millions
Latest funding date
03/01/2022
Location
AutoFi has successfully raised funds through multiple rounds, with the latest being a Series C round closed on March 7, 2022. The company is backed by 19 investors, including Crosslink Capital and Santander US.
AutoFi's platform offers comprehensive sales and finance technology solutions for the automotive industry, enhancing both online and showroom shopping experiences. Keep reading to explore the intricacies of AutoFi's fundraising journey and the investors backing this innovative platform.
What Is AutoFi?
AutoFi, founded in 2015, is a leading provider of sales and finance technology solutions for the automotive industry. Headquartered in San Francisco, California, the company was established by Jonathan Palan, Kevin Singerman, and Mandar Gokhale.
With an employee count ranging from 101 to 250, AutoFi offers a commerce platform that enables consumers to purchase and finance vehicles entirely online. The platform connects auto dealers' customers to a network of lenders, providing a seamless, mobile-first checkout experience with instant decisions and customizable terms.
How Much Funding Has AutoFi Raised?
- Seed Round
- Amount Raised: $2.5M
- Date: November 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop the initial version of the platform.
- Venture Round
- Amount Raised: $17M
- Date: May 2016
- Lead Investors: Crosslink Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's capabilities and increase market reach.
- Series A
- Amount Raised: $10M
- Date: August 2017
- Lead Investors: Crosslink Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and scale operations.
- Series A
- Amount Raised: Not publicly disclosed
- Date: February 2018
- Lead Investors: Mouro Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand the customer base.
- Series B
- Amount Raised: Not publicly disclosed
- Date: May 2020
- Lead Investors: BMW i Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and enhance technological capabilities.
- Series C
- Amount Raised: $85M
- Date: March 2022
- Lead Investors: Santander US
- Valuation at Round: Nearly $700M
- Motivation Behind the Round: To bolster business operations, hire more staff, and develop new products.
Total Amount Raised: $114.5M
Current Valuation: Nearly $700M
Key Investors
- Santander Holdings USA
- Details: Santander Holdings USA is a subsidiary of the Spanish Santander Group, one of the largest banks in the world. It provides a range of financial services, including retail banking, mortgages, and auto financing.
- Investment Focus Areas: Financial services, banking, fintech.
- Notable Investments: Not publicly disclosed.
- Crosslink Capital
- Details: Crosslink Capital is a venture capital firm based in San Francisco, focusing on early-stage and growth-stage investments. It has a history of backing innovative technology and consumer companies.
- Investment Focus Areas: Technology, consumer services, early-stage ventures.
- Notable Investments: Pandora, Coupa Software, Ancestry.com.
- BMW i Ventures
- Details: BMW i Ventures is the venture capital arm of BMW Group, investing in high-growth companies in the automotive and mobility sectors. It aims to drive innovation in the automotive industry.
- Investment Focus Areas: Automotive technology, mobility, sustainability.
- Notable Investments: Not publicly disclosed.
- SVB Financial Group
- Details: SVB Financial Group is the parent company of Silicon Valley Bank, which provides financial services to technology and life sciences companies. It is known for its strong support of innovative startups.
- Investment Focus Areas: Technology, life sciences, fintech.
- Notable Investments: Airbnb, LinkedIn, Pinterest.
- Mouro Capital
- Details: Mouro Capital is a venture capital firm focused on fintech and financial services. It was spun out of Santander Innoventures and continues to invest in innovative financial technology companies.
- Investment Focus Areas: Fintech, financial services, digital banking.
- Notable Investments: Not publicly disclosed.
What's Next for AutoFi?
AutoFi stands at the cusp of significant growth opportunities, driven by its recent $85 million funding round. The company plans to expand its workforce and introduce innovative products like the "RealPayments" solution, which aims to streamline the car buying process. With a valuation nearing $700 million, AutoFi is well-positioned to capitalize on the increasing consumer interest in online vehicle financing.
Future fundraising opportunities seem promising, given the company's consistent revenue growth and strong market interest. However, AutoFi will need to navigate challenges such as maintaining its competitive edge and integrating new products seamlessly. The company's ability to innovate and expand partnerships will be crucial in overcoming these hurdles and sustaining its upward trajectory.
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