AutoGravity Set to Close New Funding Round

AutoGravity is “very close” to finalizing a funding round within the next few days, Auto Finance News has learned.

AutoGravity is not just interested in “capital givers” as investors, Lukas Wickart, chief financial offer of AutoGravity, said yesterday. The Irvine, Calif.-based fintech startup is a multi-lender, indirect car-buying mobile platform and is available in 49 states; there are at least four lending partners available in each state where the platform is offered allowing customers to receive multiple financing options.

“We look at strategic investors, we are not just looking for capital,” he said. “We are looking for strategic access [from] people, companies, and players who are connected in the auto industry and can give us access to financing and access to distribution, and so forth.”

Wickart declined to disclose the funding amount or investors.

This news follows on the heels of a funding round from Daimler Financial Services, which occurred in February 2017. That funding was undisclosed but added to the $50 million AutoGravity has raised since its founding in fall 2015.

Separately, the fintech auto financing company updated its FJ Drive app earlier this month, which links to Fletcher Jones Auto Group and its Mercedes-Benz dealerships to allow for financing of real-time inventory. AutoGravity and Fletcher Jones Auto Group launched the app in November 2016, but at that time only allowed users to look at a Mercedes-Benz car catalog, Nick Stellman, AutoGravity’s chief operating officer, previously told Mobility Finance. The app allows customers to browse for vehicles available at Fletcher Jones dealerships and choose from up to four financing options. Users then sign for the vehicle on the app, and go into the showroom to pick it up.