Tekion, a leading SaaS unicorn in the automotive retail sector, has successfully secured $200 million in growth equity funding from Dragoneer Investment Group. This latest round brings Tekion’s valuation to over $4 billion, marking a significant milestone in the company’s rapid growth trajectory.
The fresh capital infusion will be utilized to expand Tekion’s market presence and strengthen its position among automakers and retailers. Tekion’s innovative platform aims to revolutionize the automotive retail industry by offering comprehensive and fully integrated solutions.
In addition to Dragoneer, this funding round saw participation from notable investors such as Index Ventures, Advent International, Durable Capital Partners, Alkeon Capital Management, Storm Ventures, GM, BMW I Ventures, Exor, Hyundai, AME Cloud Ventures, and Airbus Ventures. Before this, Tekion had raised $250 million in October 2021, bringing its total funding to $640 million.
Tekion’s client base spans the United States, Canada, and the United Kingdom, featuring prominent names like Penske Motor Group, American Motors Group, Walt Massey Automotive, California Automotive Retailing Group, Rohrman Automotive Group, Rairdon Automotive Dealerships, Sandy Sansing Automotive, and Longo Toyota and Lexus of Penske Motor Group.
In 2023, Tekion’s annual revenue run rate is projected to surpass $100 million, reflecting a remarkable 97% increase. Over 2,000 automakers, retailers, and technology companies have partnered with Tekion, underscoring the platform’s growing influence in the industry.
Jay Vijayan, Tekion’s Founder and CEO, expressed his excitement about the company’s progress, stating, “Tekion has charted an extraordinary growth path, revolutionizing the automotive retail industry through our comprehensive and fully integrated platform.”
About Tekion
Founded in 2016 by Jay Vijayan, Tekion Corp is a cloud technology company headquartered in Pleasanton, California. It specializes in the automotive retail industry, with its Asia-Pacific headquarters located in Bengaluru and a regional centre in Chennai.
