We are happy to announce that Carketa and Carketa Recon App got a seed round funding from venture capital firm Crosslink Capital.
In addition to that, we also got additional funding from another venture capital firm Hack VC.
Check out the press release below.
The Utah-based software company announced it closed a $1.375 M seed round financing. The said funding comes from venture capital firm Crosslink Capital. The company also got additional funding from Hack VC.
Carketa’s mission is to help independent and franchise car dealers. Additionally, the company aims to help dealers sell more cars faster online.
About Carketa Recon Software App
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, a co-founder, also owns Action Auto. The said company is one of Utah’s fastest-growing independent car dealerships. Both Thurgood and Berry formed Carketa to dramatically improve the reconditioning (Recon) process. At the same time, the app helps dealers to sell more cars per month. Jason’s experience with existing recon solutions was that they are outdated and clunky. Thus, they created the Carketa and Carketa Recon App.
Carketa Recon is dynamically reconfigurable to match any dealer’s current process. The recon software app is also coupled with the Carketa Condition Report. The Condition Report is a 200+ point inspection system detailing a car’s current condition. That’s to say dealers need a Current Condition Report to sell online more effectively.
About Venture Capital Firm Crosslink Capital
Crosslink Capital is a capital venture firm 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. Crosslink Capital looks forward to supporting their vision. We’re certainly excited for them to produce better car dealer solutions as car sales move online.”
Crosslink’s focus is on investments in digital media. Apart from that, they also invest on Internet services, financial technology & business services.
What’s Next For Carketa
Carketa is expanding its sales team across the country and Canada. “We’re excited about what the next 12-18 months hold for Carketa,” Thurgood says. “Online car selling is a significant change in auto retailing. For this reason, 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 online.”
Carketa Recon Software is easy to use. The tool aids in automating the recon process, thus, eliminating bottlenecks. With these features, the app is effective in helping dealers sell more cars faster.
With CarKeta Recon, a dealer can upload their inventory from their Dealer Management Software (DMS). That way, dealerships can manage their cars from the auction to the customer, with active inventory management, vehicle valuations. Using Carketa Connect, dealers and customers can track the vehicle 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 the world crisis we’re in at the moment,” says Berry.
Source: American Entrepreneurship