Dealership management system startup Tekion plans to expand across the U.S. and Canada, and reach into Europe, as it builds up its team and technology products after landing new funding.
The Pleasanton, Calif.-based company last week said it raised $250 million in its latest funding round, bringing Tekion's valuation to $3.5 billion. The startup is adding offices with a focus on customer support and product development, and it plans to double its global work force of roughly 1,350 employees within 18 to 24 months, CEO Jay Vijayan told Automotive News. About 400 employees are based in the U.S., with the rest in India.
"It's an opportunity for us to invest additional funds to hire and accelerate growth and rollout across the country and globally," he said.
The company plans to focus first on growing its reach in the U.S. and Canada but eyes expansion into Europe in 2022; potential locations include France, the United Kingdom and Germany.