Carketa secures new growth capital funding to accelerate product innovation and revenue generation efforts

Carketa, the provider of end-to-end data and intelligence software for the automotive industry, has closed $4.4 million in 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.

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.

Tim Hansen, CEO of Carketa: "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."

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.

Travis Hawkes, Managing Partner, Capital Eleven: "Capital Eleven is excited to lead this funding round for Carketa. 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."

www.carketa.com

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