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Shopmonkey Bags $25 Million in Series B Round of Financing
Shopmonkey is trusted by over 1,200 shops that utilize the platform to run their day-to-day operations by leveraging Shopmonkey's vast array of integrated features designed to streamline and grow their business.
Fremont, CA: Shopmonkey, a San Jose, California-based software company serving the automotive industry, raised $25 million in its Series B led by Bessemer Venture Partners with participation from Index Ventures, e.ventures, and I2BF. The latest funding brings the total capital to $35 million in just 11 months. Byron Deeter from Bessemer Venture Partners, one of the leading investors in SaaS and cloud companies, will be joining the company's board of directors.
Shopmonkey is a cloud-based system that streamlines all the complexities of running an auto repair business onto a single platform, such as appointment scheduling, parts ordering, customer communications, and payment processing. The company helps shops run, understand, and grow their business by equipping them with easy-to-use software that consolidates tools, saves time, and simplifies their operation while improving communication across the board.
"When I started Shopmonkey I wanted to help shops modernize, run more smoothly and become more profitable with powerful, yet simple to use, software," says CEO and founder, AshotIskandarian. "Three years later, I am humbled and so proud of the team as I see this vision turned to reality for over 1,200 customers. Both the product and our team still have immense opportunity to grow, and we are nowhere near done. While we predominantly serve automotive repair, auto detail and heavy duty shops today, we also have bicycle, motorcycle, marine shops and more who are changing their business with Shopmonkey."
Shopmonkey has seen a significant surge in new subscribers eager to use its software to implement a contact-free workflow. It includes online payments, digital vehicle inspections, and customer communications that allow their shops to adapt and digitally transform their businesses with a smart, simple solution.
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