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.
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Adviser
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
SOSS21100803
All your finances.
All in one app.
App Store rating
