Tekion Secures $200 Million in Funding
Tekion, a Pleasanton, CA-based cloud-native platform for the automotive retail ecosystem, has secured $200 million in growth equity capital, placing its valuation above $4 billion.
The investment was from Dragoneer Investment Group, a growth-oriented investment firm managing over $23 billion and investing in high-quality public and private businesses. For over a decade, Dragoneer has partnered with exceptional companies characterized by sustainable differentiation and strong economic models. The firm aims to deliver attractive returns with a focus on capital preservation.
The company will use the funding to expand its product offerings for dealer partners and OEMs, accelerate implementation timelines, and enhance customer support.
Founded in 2016 by Jay Vijayan, Tekion is a SaaS automation company that provides a cloud-native, end-to-end comprehensive platform for the automotive retail industry. The company uses cutting-edge technologies like big data, artificial intelligence, and IoT. Its flagship product, Automotive Retail Cloud (ARC), offers various services, including dealership management, customer relationship management, and advanced analytics. Tekion has partnered with over 2,000 automotive retailers, several leading OEMs, and more than 250 ecosystem technology partners. Tekion is on a mission to build the world’s best applications.
Funding Details
Company: Tekion Corp.
Raised: $200.0M
Round: Growth Round
Funding Month: July 2024
Investors: Dragoneer Investment Group
Company Website: https://tekion.com/
Software Category: Automotive Retail