Venture Capital: Auto Retail Platform Tekion Triples Valuation To $3.5B
The startup raised $250 million in a Series D round.
Tekion, the end-to-end cloud-based automotive software platform dubbed Automotive Retail Cloud, has raised $250 million in a Series D round led by Alkeon Capital and co-led by Durable Capital.
Other investors include Hyundai Motor Company (KRX: 005380) and several reputable dealer groups across the United States. Advent International, who led Tekion’s Series C, Index Ventures who led its Series A, and FM Capital also reinvested in this round. (Tekion)
Tekion: Automotive Retail Cloud
Tekion claims to have disrupted the automotive industry’s reliance on the half-century old Dealer Management System platforms through its high-tech platform built with IoT, Machine Learning and AI.
The firm’s first cloud-native automotive platform seamlessly brings together OEMs, retailers/dealers and consumers.
“We have experienced phenomenal market acceptance during the past year. This strong round of funding validates industry and investors’ belief in Tekion’s disruption and our exceptional team of innovators. Our investors know that we’re future-driven, and they want to be part of our remarkable story,” said Jay Vijayan, Founder and CEO.
“Tekion is disrupting the industry with its cutting-edge cloud-based platform, and we believe in the company’s capacity for value creation and exponential long-term growth through scalability,” said Henry Ellenbogen, Chief Investment Officer, Durable Capital Partners LP.
“By building a single, unified cloud platform for manufacturers and dealers, the company is also unlocking multiple new markets heretofore unavailable to legacy incumbents limited by archaic technology architecture,” said Deepak Ravichandran, General Partner at Alkeon Capital.
Use of funds
The startup will use the new round to expand the rollout of its platform within the US and abroad; expand its 24/7 support capabilities; and extend OEM partnerships, open API platform capabilities.
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