Friday Fundings: Tekion, Pattern, and Sure
Cloud-Based Automotive Software Startup Raises $250 Million
Tekion, an automotive cloud-based software startup, raised $250 million in venture funding, giving it a valuation of $3.5 billion. The fundraising round was led by Durable Capital Partners and Alkeon Capital Management. Tekion, which was founded in 2016, makes software for automakers and dealers to sell and service vehicles. The software aims to eliminate the need for people to spend time in dealerships.
Proceeds from the VC round will be used to add support for RVs and boats to the platform and to expand in the US and internationally. In the second quarter of next year, Tekion plans to enter the French market. The UK and Germany will come shortly after. Last October, Tekion was valued at $1 billion.
Ecommerce Accelerator Startup Raises $225 Million
Pattern, a startup which helps brands boost sales on ecommerce marketplaces, raised $225 million in venture funding. The Series B round was led by Knox Lane and gives the company a valuation of around $2 billion. Pattern raised $52 million in a Series A round in August 2020.
Pattern helps brands optimize online sales by buying their inventory, finding sales gaps, and then optimizing the product across online marketplaces. The company is aiming to surpass sales of $1 billion by next year. Pattern has more than 100 brands as customers and 900 employees. Proceeds from the fundraising will be used to develop its technology and to continue expanding globally.
Digital Insurance Infrastructure Startup Raises $100 Million
Sure, a startup which helps companies launch insurance products, raised $100 million in venture funding. The round, which gives Sure a valuation of $550 million, was led by Declaration Partners and Kinnevik (KNKBF). Through Sure’s infrastructure, companies can sell consumers insurance directly via a digital experience. There are no humans or paperwork involved. Sure counts Farmers Insurance, Chubb (CB), Carvana (CVNA), and automakers as customers.
Proceeds will be used to support its expansion internationally, to launch new products, and to hire more staff. Sure is eyeing Europe, Latin America, and Asia for its global push. Next year Sure also plans to triple its engineering staff with the funding.
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