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Additional $ 250 million in funding
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Its value has more than tripled to $ 3.5 billion in less than a year since the last round of funding was announced
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Alkeon Capital, Durable Capital Partners, Hyundai Motor Company and several auto dealership groups across the country among new investors
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Repeat investors include Advent International and Index Ventures
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The funding supports global growth and confirms the disruption of automotive retail
PLEASANTON, Calif., October 5, 2021 – (BUSINESS WIRE) – Tekion, innovator of Automotive Retail Cloud ™ (ARC), the first and fastest end-to-end cloud-native automotive SaaS platform, today announced a Series an D funding round of $ 250 million, bringing Tekion’s valuation to $ 3.5 billion.
This press release contains multimedia. View the full version here: https://www.businesswire.com/news/home/20211005005454/en/
Tekion triples valuation to $ 3.5 billion in less than a year (Chart: Business Wire)
The financing round was led by Alkeon Capital and jointly led by Durable Capital. Other investors include Hyundai Motor Company and several respected dealer groups in the United States. Advent International, who led Tekion’s Series C, Index Ventures, who led Series A, and FM Capital also reinvested in this round, showing strong support for the positive upheaval that Tekion is bringing to the automotive industry and, by extension, the fast-growing business .
Tekion plans to invest its additional capital in the following areas:
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Accelerate the adoption of the ARC platform for merchants in the US and worldwide
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Set up a state-of-the-art Customer Experience Center and expand Product Innovation Hubs in Pleasanton, CA and Austin, TX with a focus on continuous product innovation (Exciting announcements to come!)
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Add 24/7 support capabilities with an important ongoing initiative: a world-class Automotive Support Center of Excellence in West Chester, Ohio
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Quickly expand OEM partnerships, open API platform functions, and create a seamless partner ecosystem
“Tekion is driving the automotive industry by providing an end-to-end, next-generation technology platform for both car dealers and automakers that delivers a complete and unified consumer experience. Founder Jay Vijayan has assembled a strong team to develop his ambitious product Roadmap and we look forward to working with him on his new journey. Tekion is experiencing strong tailwinds in a large, multi-billion dollar market, including cloud adoption for online commerce, connected vehicles, increased consumer expectations for seamless, digital car buying experiences and digital vehicle connectivity. By building a single, unified cloud platform for manufacturers and dealers, Tekion is also tapping into several new markets that were previously inaccessible to established companies constrained by archaic technology architectures. We believe that Tekion is recognized for its multi-year journey to redefine an industry and become the leading and dominant player in the market, “said Deepak Ravichandran, General Partner at Alkeon Capital.
The story goes on
“We are impressed with Tekion’s talented team of innovators who have transformed automotive retail with a breakthrough platform dedicated to delivering the best dealership and retail experiences. Tekion is revolutionizing the industry with its state-of-the-art cloud-based platform and we believe in the company’s ability to create value and grow exponentially over the long term through scalability, “said Henry Ellenbogen, chief investment officer, Durable Capital Partners LP.
“Hyundai and Genesis are excited about this strategic investment and partnership with Tekion. Together we are ready not only to greet the future, but to pursue it. Tekion’s cloud-native ARC solution will bring performance and agility to dealership operations and the customer experience. Efforts will bring better data quality, integrity and digital experiences to our dealers and their customers, “said Manish Mehrotra, Executive Director, Digital Business Planning and Connected Operations of Hyundai Motor North America.
“We are very grateful for the trust and incredible support of our dealers, OEM partners and investors who continue to believe in our mission and our capabilities. We saw phenomenal market acceptance over the past year. This strong round of funding affirms the industry and investor belief in the disruption of Tekion and our exceptional team of innovators. Our investors know that we are forward-thinking and want to be part of our remarkable history, “said Jay Vijayan, Founder and CEO of Tekion.
The Automotive Retail Cloud offers much more than a typical Dealer Management System (DMS) by modernizing the end-to-end process of automotive retailing and adapting the sales and service experiences to the needs of modern consumers. With its state-of-the-art platform based on IoT, machine learning and AI as the core, ARC enables seamless customer loyalty and the highest level of operational efficiency. With this new Series D funding round, Tekion is well positioned to continue its unprecedented growth and market penetration.
About Tekion
With the first and fastest cloud-native automotive retail platform Automotive Retail Cloud (ARC), Tekion broke the 50-year dependence on aging dealer management system platforms and challenged the paradigm. This transformative retailer software platform leverages cutting-edge technology, big data, machine learning and AI to seamlessly bring OEMs, retailers / distributors and consumers together. With its highly configurable integration and improved customer loyalty capabilities, ARC simplifies the retailer-consumer relationship and travel. Tekion was founded in Silicon Valley and employs over 1,000 innovators worldwide. More information is available at www.tekion.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211005005454/en/
contacts
Marylou Hastert
press@tekion.com
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