Dragoneer Invests $200 Million in Tekion

<p><strong>PLEASANTON<&sol;strong> &&num;8212&semi; <a href&equals;"https&colon;&sol;&sol;cts&period;businesswire&period;com&sol;ct&sol;CT&quest;id&equals;smartlink&amp&semi;url&equals;https&percnt;3A&percnt;2F&percnt;2Ftekion&period;com&percnt;2F&amp&semi;esheet&equals;54094882&amp&semi;newsitemid&equals;20240716921069&amp&semi;lan&equals;en-US&amp&semi;anchor&equals;Tekion&amp&semi;index&equals;1&amp&semi;md5&equals;2d093ef0c763963774cf50351dd893a4" target&equals;"&lowbar;blank" rel&equals;"nofollow noopener" shape&equals;"rect">Tekion<&sol;a>&comma; developer of the first cloud-native platform serving the entire automotive retail ecosystem&comma; has secured &dollar;200 million in growth equity capital from Dragoneer Investment Group&period; This financing round sets Tekion’s valuation above &dollar;4 billion&period; Tekion plans to invest the capital to expand its product offering for dealer partners and OEMs&comma; accelerate implementation timelines&comma; and deliver world-class customer support as it continues to redefine automotive retail for dealers and consumers in a rapidly digitizing ecosystem&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;Tekion has charted an extraordinary growth path&comma; revolutionizing the automotive retail industry through our comprehensive and fully integrated platform&comma;” said Jay Vijayan&comma; Founder and CEO of Tekion&period; &OpenCurlyDoubleQuote;We are delighted to partner with Dragoneer&comma; whose team has followed our progress closely for multiple years&comma; believes in our long-term vision&comma; and carries an impressive track record investing in best-in-class vertical SaaS businesses&period;”<&sol;p>&NewLine;<p>The funding announcement follows Tekion’s performance in 2023&comma; with 97&percnt; year-over-year annual recurring revenue growth and expanding partnerships in the industry including with over 2&comma;000 automotive retailers&comma; multiple leading-brand OEMs&comma; and over 250 ecosystem technology partners&period; Since its founding in 2016&comma; Tekion has delivered an industry-leading cloud platform and has rapidly gained customer traction while continually focusing on cutting-edge innovation and best practices&period; The recent addition of seasoned executives to its leadership team&comma; including the key roles of CFO&comma; CRO&comma; and CTO&comma; underscores Tekion&&num;8217&semi;s continued market momentum and investment in long-term growth&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;Having watched Tekion’s rapid pace of innovation and market adoption over the past several years&comma; we are proud to partner with and support Jay and his world-class team in the next phase of the company’s growth journey&comma;” said Christian Jensen&comma; Partner at Dragoneer&period; &OpenCurlyDoubleQuote;Tekion has built a market-defining platform with proven scalability in one of the largest and most complex industry verticals&period; We see incredible opportunity ahead as automotive customers increasingly seek frictionless&comma; digital-first experiences and automotive retailers seek competitive advantages&comma; business efficiencies&comma; and deep insights from powerful new technologies&period; Dragoneer selectively looks to be the partner of choice to the highest quality businesses and we’re proud to back Tekion as it builds the next generation of automotive retail technology&period;”<&sol;p>&NewLine;