Carketa raises $1.375M Seed Round Funding

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Sep 10, 2020, 08:08 ET

PLEASANT GROVE, Utah, Sept. 10, 2020 /PRNewswire/ -- Carketa, the Utah based developer of the Carketa "Recon" SaaS app and Carketa "Condition Report" announced it closed a $1.375 M seed round financing led by Crosslink Capital with additional funding from Hack VC.

Carketa's mission is to help independent and franchise car dealers sell more cars faster on-line.

Carketa, founded in 2019 was primarily marketed to Utah based independent car dealers. "With this funding Carketa is expanding sales to independent and franchise dealers nationwide" said Carketa CEO Brady Thurgood.

Jason Berry co-founder also owns Action Auto, one of Utah's fastest growing independent car dealerships. Carketa was formed to dramatically improve the reconditioning (Recon) process to simply sell more cars per month. Jason's experience with existing recon solutions was they are outdated and clunky. Carketa Recon is dynamically reconfigurable to match any dealers current process and tightly coupled with the Carketa Condition Report, a 200+ point inspection system detailing a cars current condition. Dealers need a Current Condition Report to sell on-line.

Crosslink Capital is based in San Francisco, California. Jim Feuille, Partner at Crosslink explains, "We're excited to lead the seed round for Carketa. We have been impressed by what the team accomplished in a short period of time and look forward to supporting their vision to produce better car dealer solutions as car sales move on-line." Crosslink's focus is on investments in digital media, Internet services, financial technology & business services.

Carketa is expanding its sales team across the country and Canada. "We're excited about what the next 12-18 months holds for Carketa," Thurgood says. "On-line car selling is a significant change in auto retailing. We are fortunate to be in a position to help dealers deliver a more efficient car selling experience. Research shows 90% of car buyers do their research on-line."

Carketa Recon is easy to use, automating the recon process, eliminating bottlenecks, helping dealers sell more cars faster. With CarKeta Recon a dealer can upload their inventory from their Dealer Management Software (DMS), manage their cars from the auction to the customer, with active inventory management, vehicle valuations and with Carketa Connect, dealers and customers can track the car through the Recon process, often selling the car before it's on the line. "Carketa has helped my dealership set record setting sales months even through Covid." says Berry.

SOURCE CarKeta Inc.