Funds for End-to-End Auto Dealer Data Firm Carketa

In Utah, USA, automotive industry data firm Carketa has closed $4.4m in an early growth funding round, for use in expanding its operations and speeding software development.

Founded by Jason Berry and Brady Thurgood, Carketa gives dealerships end-to-end intelligence to help them work faster and more profitably, while enabling other firms in the sector - including providers of finance, insurance, lending, warranty and other related services - to find and interact with appropriate dealers. Its software solutions promise insights for 'every stage of a vehicle's lifecycle'.

The company recently launched an AI-enhanced 'Buy Suite', helping dealers to source and acquire inventory, and used alongside its existing inventory-focused Manage and Service suites. The new Suite is already used by more than 1,000 dealerships, having emerged from Beta in May this year.

The round was led by new investor Capital Eleven, with participation from new and existing investors, including Crosslink Capital, Origin Ventures, Allegis Capital and Peak Ventures.

CEO Tim Hansen (pictured) says of the news: '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'.

Web site www.carketa.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.