Carketa, a Lehi, UT-based provider of end-to-end data and intelligence software for the automotive industry, raised $4.4M in funding.
The round was led by Capital Eleven, with participation from both new and existing investors, including Crosslink Capital, Origin Ventures, Allegis Capital, and Peak Ventures.
The company intends to use the funds to expand operations and its development efforts.
Founded by Jason Berry and Brady Thurgood, Carketa helps dealerships buy, manage, service, and sell inventory while enabling finance, insurance, lending, warranty, and other related companies to target and interact with dealers who fit their business models.
As an industry-first platform, Carketa delivers front-end and back-end insights paired with software solutions for every stage of a vehicle’s lifecycle. In addition to dealers, the company works with OEMs, lenders, warranty administrators, and insurance providers to unlock new opportunities, drive sales, reduce risk, and increase shareholder value.
More than 1,000 dealerships have adopted Carketa’s Buy Suite tools and data services since its release from beta in May.
Commenting on the news, Tim Hansen, CEO of Carketa, said: “This round of funding validates the leadership role that Carketa is taking in the automotive industry with our suite of profit intelligence software tools, paired with proprietary real-time data and insights. We are grateful for the trust and support of this wonderful investor group and are excited to continue accelerating Carketa’s reach and impact in the industry. This was the right amount of capital from the right group of investors to help our company push our platform, data, and insights forward.“
FinSMEs
07/08/2024