Fenwick represented Tekion, a cloud technology company and provider of SaaS retail operating platform (aka DMS), Automotive Retail Cloud, in its $150 million Series C financing at over a $1 billion valuation. The funding round was led by Advent International, with participation from Index Ventures, Exor (the holding company of Fiat Chrysler Automobiles and Ferrari), Airbus Ventures and FM Capital. Tekion’s other key investors from the automotive industry include General Motors, BMW iVentures and Nissan-Renault-Mitsubishi Alliance Ventures.
Tekion intends to use the funds to support additional investment in its platform as well as scale the company. More information can be obtained from Tekion’s announcement.
The Fenwick transaction team was led by corporate partner David Bell and associates Christine Chen and Shweta Kumar.