Horizon Technology Finance Leads $50M Venture Loan Facility for FinTech and InsurTech Innovator, Autonomy
FARMINGTON, Conn., January 25, 2022 /PRNewswire/ — Horizon Technology Finance Corporation (NASDAQ:HRZN) (“Horizon”), a leading specialty finance company that provides capital in the form of secured loans to venture-backed companies in the areas of technology, life sciences, information and health services, and sustainability industries, announced today that the December 14, 2021 this led to a $50 million subprime loan facility to Nextcar Holding Company, Inc. dba Autonomy, an all-digital mobility offering that provides consumers with an affordable way to access a vehicle without debt or long-term commitments. Funded horizon $7 million from the initial $14 million to design.
Autonomy is a technology company whose mission is to make access to mobility easy and affordable through car subscriptions. The company was founded by disruptors in auto retail, auto finance and auto insurance, Scott Painterfounder of TrueCar (Nasdaq: TRUE), CarsDirect.com (now Internet Brands) and Fair, which launched the Car-as-a-Service (CaaS) category, and George Bauer, founding CFO then CEO of Mercedes-Benz Credit Corporation, CEO of Global Financial Services for BMW Group and co-founder of Fair. Autonomy’s vehicle subscription can be managed digitally via the mobile app. Subscribers pay Autonomy a monthly subscription payment plus start-up fees and a refundable security deposit for a vehicle subscription. Subscription is monthly after a three-month period and bundles routine maintenance, roadside assistance and soon insurance, eliminating the hassle and long-term commitment of a loan or credit- traditional lease. Autonomy recently launched its Tesla Model 3 vehicle subscription program, the first model in its electric vehicle lineup, and will use the loan proceeds for general growth and working capital.
“Autonomy aims to change the way consumers experience and access mobility, and we are excited to support its growth,” said Gerald A. Michaud, president of Horizon. “Led by a seasoned and experienced management team, Autonomy uses innovative technology to advance an alternative mobility model based on an affordable and flexible monthly subscription rather than an expensive and large long-term loan.”
“Access to mobility is essential for the majority of Americans who rely on a vehicle every day to get to work, take their kids to school, or see a doctor. Horizon’s support is extremely important to us so that we are making progress in our mission to provide consumers with easy and affordable access to mobility,” said Scott Painter, co-founder and CEO of Autonomy. “We believe our value proposition and digital experience is compelling to the entire automotive ecosystem – from consumers to dealers to manufacturers – and greatly simplifies access to a vehicle. By providing consumers with a fast, flexible and affordable to choose vehicles based on their changing needs, we plan to scale our subscription base quickly and cost-effectively.”
About Horizon Technology Financing
Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance company that provides capital in the form of secured loans to venture-backed companies in the technology, life sciences, health information and services and sustainability. HRZN’s investment objective is to maximize the return on its investment portfolio by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when of these debt investments. Horizon Technology Finance Management LLC is headquartered in Farmington, Connecticutwith a regional office in Pleasanton, Californiaand investment professionals located in Portland, Maine, Austin, TXand Reston, Virginia. To learn more, please visit www.horizontechfinance.com.
Autonomy is a technology company whose mission is to make access to mobility easy and affordable through car subscriptions. The company was founded by disruptors in auto retail, auto finance and auto insurance Scott Painter and George Bauer, which founded Fair, the first ever used vehicle subscription offering, pioneering the Car-as-a-Service (CaaS) category. Building on this experience, Autonomy has created a turnkey vehicle subscription platform for consumers and the automotive industry that allows vehicle subscriptions to cost-effectively scale and become a mainstream alternative to purchase of traditional cars. Autonomy innovates through technology, finance and insurance to power automotive subscriptions for the used vehicle sector, as well as the battery electric vehicle and zero-emission vehicle sectors. Autonomy relies on partnerships with automakers and physical car dealerships to deliver a benefit to both consumers and the industry. Self-reliance represents the absence of long-term debt, the absence of long-term commitments, and even the absence of fossil fuels. It means new choices and more control over your financial well-being. Autonomy is based on santa monicaCALIFORNIA.
Statements included in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and do not constitute are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements due to a number of factors, including those described from time to time in the Company’s filings with the Securities and Exchange Commission. Horizon assumes no obligation to update any forward-looking statements made herein. All forward-looking statements speak only as of the date of this press release.
Head of Investor Relations & Corporate Communication
SOURCE Horizon Technology Finance Corporation