Tekion Raises $150 Million in Series C Funding, Joins Unicorn Club
Former Tesla Chief Information Officer (CIO) Jay Vijayan’s startup Tekion has secured $150 million in a Series C round of funding, propelling it into the unicorn club with a valuation exceeding $1 billion. Tekion, an automotive retail cloud startup, aims to revolutionize the entire car retailing journey through its innovative application.
Funding and Valuation Milestone
The Series C funding round was led by global private equity investor Advent, with participation from prominent investors such as Index Ventures, Exor (the holding company of Fiat Chrysler Automobiles and Ferrari), Airbus Ventures, and FM Capital. Notably, Tekion’s existing investors include industry giants like General Motors, BMW iVentures, and Nissan-Renault-Mitsubishi Alliance Ventures. Prior to this funding round, the startup had already raised $65 million in funding, underscoring investor confidence in its vision and potential.
Transforming Automotive Retail with Cloud Technology
Tekion leverages cloud technology to streamline and enhance the automotive retail experience, offering a comprehensive platform for dealers to conduct sales seamlessly. Drawing from Vijayan’s experience at Tesla, where he played a pivotal role in developing the company’s sales software, Tekion aims to modernize and optimize every aspect of the consumer journey in vehicle acquisition and service.
Strategic Leadership Addition
In a strategic move, Tekion has onboarded Jon McNeill, Advent Advisory Partner and former Chief Operating Officer of Lyft Inc., as well as former President of Global Sales, Marketing, Delivery, and Service at Tesla. McNeill’s expertise and leadership experience in the automotive and technology sectors are expected to further strengthen Tekion’s position and accelerate its growth trajectory.
Vision for the Future
Jay Vijayan, CEO of Tekion, envisions a future where consumers receive personalized retail experiences akin to those offered by leading tech and entertainment companies like Amazon, Apple, Google, and Disney. He believes that Tekion will lead the way in modernizing the automotive retail industry, providing unparalleled experiences and operational efficiencies for customers and dealers alike. With a commitment to leveling the playing field and delivering excellence, Tekion is poised to redefine automotive retail in the digital age.
