Tekon's Jay Vijayan
Credit: Tekon
Tekion, a US-based software-as-a-service (SaaS) automation start-up, on Tuesday, announced that it has secured $200 million in growth equity capital from San Francisco-based Dragoneer Investment Group.
This financing round sets Tekion’s valuation above $4 billion. The capital raised will be deployed to expand its product offerings for dealer partners and original equipment manufacturers (OEMs), accelerate implementation timelines, and deliver customer support for dealers and consumers in a rapidly digitising ecosystem.
So far, it has raised funds totalling $640 million and close to 3,000 people are employed globally.
"Tekion has built a market-defining platform with proven scalability in one of the largest and most complex industry verticals. We see incredible opportunity ahead as automotive customers increasingly seek frictionless, digital-first experiences and automotive retailers seek competitive advantages, business efficiencies, and deep insights from powerful new technologies," said Christian Jensen, partner at Dragoneer.
This funding announcement follows expanding its partnerships in the industry with over 2,000 automotive retailers, multiple OEMs, and over 250 ecosystem technology partners. Tekion has been delivering cloud platform services since its founding in 2016.
Some of its key investors include Index Ventures, Advent International, Durable Capital Partners, Alkeon Capital Management, Hyundai, AME Cloud Ventures and Airbus Ventures.