Tekion Raises $250M in Series D Financing, Valued At $3.5 Billion
Tekion, a Pleasanton, CA-based provider of a cloud-native automotive SaaS platform, raised $250m in Series D financing, bringing the valuation to $3.5 billion.
The round was led by Alkeon Capital and co-led by Durable Capital. Other investors include Hyundai Motor Company and several reputable dealer groups across the United States. Advent International, Index Ventures, and FM Capital.
The company plans to invest its capital in the following areas:
- Accelerate ARC platform rollout to dealers across the U.S. and globally
- Set up a Customer Experience Center and expand Product Innovation Hubs in Pleasanton, CA, and Austin, TX, focusing on continuous product innovation
- Expand 24/7 support capabilities with an Automotive Support Center of Excellence in West Chester, Ohio, in progress
- Extend OEM partnerships, open API platform capabilities and create an enhanced partner ecosystem
Led by Jay Vijayan, Founder and CEO, Tekion provides a dealership software platform that uses technology, big data, machine learning, and AI to bring together OEMs, retailers/dealers and consumers. With its configurable integration and customer engagement capabilities, ARC is simplifying the dealer/consumer relationship and journey. The company employs over 1,000 innovators globally.