NEWS BRIEF: Utah-based Carketa Lands $4.4 Million in Early Growth Round of Venture Capital Funding

Lehi, Utah-based Carketa has received $4.4 million in an early growth round of venture capital funding.

According to its news release, the Carketa funding 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."

If our data is correct, this brings Carketa's total external funding to ~$10.8 million, including

• $1.375 million in pre-seed funding in September 2020,
• $6.0 million in seed funding in November 2021, and now the
• $4.4 million in early growth round funding closed earlier this month.

Launched in 2019 by several automobile dealership professionals, Carketa has developed a Software-as-a-Service suite that is currently used by over 1,000 auto dealerships to help them with everything from

• Inventory Management to Vehicle Appraisals, and from
• Vehicle Reconditioning Management to Sales Reporting and Management,

and more.

According to 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."

What I find particularly fascinating about Carketa is that its President and Co-Founder, Jason Berry, is also the CEO of Orem, Utah-based Action Auto Sales & Finance, an 11-year-old used auto dealership.

And given his recent LinkedIn Post, it sure seems like Action Auto is doing well.

Personally, I can't think of a better way to put a SaaS app for auto dealers to the test than beating it up at a dealership you owned.

Totally brilliant!!!

So congrats on the new funding round, Team Carketa.

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