Carketa Secures New Growth Capital in Funding Round Led by Capital Eleven to Accelerate Product Innovation and Revenue Generation Efforts

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Aug 07, 2024, 08:45 ET

LEHI, Utah, Aug. 7, 2024 /PRNewswire/ -- Carketa, a leading provider of end-to-end data and intelligence software for the automotive industry, is pleased to announce the successful close of a $4.4M early growth round. This round was led by new investor Capital Eleven, with participation from both new and existing investors, including Crosslink Capital, Origin Ventures, Allegis Capital, and Peak Ventures.

Founded by Jason Berry and Brady Thurgood, Carketa helps dealerships buy, manage, service, and sell inventory faster and for more profit while enabling finance, insurance, lending, warranty, and other related companies to better target and interact with dealers who fit their business models.

This strategic investment comes at an exciting time for the company, with the recent launch of an expanded product suite. Carketa's new AI-infused Buy Suite helps dealers know what inventory to acquire, where to find that inventory, and how much to pay for it. Paired with Carketa's existing inventory-focused Manage and Service suites, the Buy Suite is setting the standard for a data- and insights-driven platform to maximize dealership profits. More than 1,000 dealerships have adopted Carketa's Buy Suite tools and data services since its release from beta in May.

Tim Hansen, CEO of Carketa, commented on the round: "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."

"Capital Eleven is excited to lead this funding round for Carketa," said Travis Hawkes, Managing Partner at Capital Eleven. "We believe in Carketa's vision and are confident that their innovative solutions will continue to disrupt the automotive industry and drive significant value for dealers and other industry players alike. We are very excited to back this truly innovative team at Carketa."

Jim Feuille, Partner at Crosslink Capital, who led Carketa's Pre-Seed round, continues to be impressed with what Carketa has accomplished. "We are thrilled with the traction and progress that the Carketa team has generated," said Feuille. "Our continued investment underscores our belief in their talented team and their ability to deliver transformative solutions to a massive market that has been starving for accessible, easy-to-use, and powerful digital solutions."

"Carketa is bringing data and insights to bear in a market that was forced to adapt to rapid change," said Scott Stern, Partner at Origin Ventures, who led Carketa's Seed round of funding. "Vehicle values continue to oscillate as inventory supply and demand remain in flux, requiring dealerships—and other value creators who work with dealerships—to rely on data and insights to maximize profit creation. Carketa is uniquely positioned to be the trusted partner to dealerships and enterprises in the automotive industry."

Carketa: Revolutionizing Automotive Profit Intelligence

Carketa's end-to-end intelligence software is transforming the automotive industry—boosting car dealer confidence, profitability, and scale. As an industry-first platform, Carketa delivers unmatched front-end and back-end insights paired with powerful, easy-to-use software solutions for every stage of a vehicle's lifecycle. In addition to dealers, Carketa works with OEMs, lenders, warranty administrators, and insurance providers to unlock new opportunities, drive sales, reduce risk, and increase shareholder value. Transform your business with Carketa. Visit www.carketa.com for more information.

SOURCE Carketa Inc.