Last 12 months we have seen strong momentum in the car financing, car repair and car management areas, areas Banks and Insurance used to dominate, and now rapidly insurers making their inroads.
AutoGravity has found a fan in Daimler Financial Services, securing an unspecified investment from the auto company’s financing division. Thanks to the cash infusion, the Irvine, California startup will expand its auto-financing platform to 46 states. Terms were not disclosed, but Reuters pegged the deal in the double-digit millions. AutoGravity had previously raised $50 million in two venture rounds, per Crunchbase. Founded in October 2015, AutoGravity is a customer-focused comparison app for buying and financing vehicles. Users can log onto the platform on iOS, Android or the web; choose a car from multiple brands and models; and in a matter of minutes receive up to four financing offers from within the company’s network of trusted car dealerships.