[Funding News] Tekion Secures $200 Mn Funding Round from Dragoneer

At a valuation of more than $4 billion, Dragoneer Investment Group has provided $200 million in growth equity funding to Tekion, a unicorn SaaS business that specialises in the automotive retail sector.

Tekion intends to leverage this new funding round to expand its market share and strengthen its position among automakers and merchants.

Index Ventures, Advent International, Durable Capital Partners, Alkeon Capital Management, Storm Ventures, GM, BMW I Ventures, Exor, Hyundai, AME Cloud Ventures, and Airbus Ventures are among the other significant investors in Tekion.

In October 2021, Tekion had previously raised $250 million. To now, it has raised $640 million in total.

Read also - Altern Capital Launches Rs 250 Cr Maiden Fund

The company's clientele spans the US, Canada, and the UK and includes well-known 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.

Tekion claims that in 2023, the company's yearly revenue run rate would surpass $100 million, representing a 97% rise. More than 2,000 automakers, retailers, and technology companies have joined with it.

Jay Vijayan, Tekion Founder and CEO, said: “Tekion has charted an extraordinary growth path, revolutionising the automotive retail industry through our comprehensive and fully integrated platform,”

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About Tekion

Founded in 2016 by Jay Vijayan, Tekion Corp is a cloud technology company headquartered in Pleasanton, California. It operates in the automotive retail industry, with its Asia-Pacific headquarters located in Bengaluru and a regional center in Chennai.

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