ShopKeep, a New York-based tablet-to-cloud payment service and point-of-sale platform utilized by more than 25,000 independent retailers and restaurants, has raised a $65 million round of equity and debt financing led by Tribeca Venture Partners.
All of ShopKeep’s existing major investors also participated in this round. And First Data Corporation and Salesforce Ventures also participated in this round. The debt financing portion was provided by ORIX Growth Capital and Square 1 Bank.
As small businesses across the U.S. are accelerating the adoption of cloud-based point-of-sale and payment processing solutions, this round of funding validates ShopKeep’s opportunity to expand its position in the space. ShopKeeps’ POS software enables merchants to optimize staffing, manage inventory, and access real-time sales reports and customer information on one cloud-based platform.
“We are extremely fortunate to be backed by some of the top investors in both FinTech and SaaS. With the latest investments from Salesforce Ventures and First Data, ShopKeep has firmly established its position as a leader in SaaS based point-of-sale and payment platforms,” said ShopKeep CEO Michael DeSimone. “With our recurring revenue almost tripling in the past 3 years, the small business community continues to show incredibly promising – and accelerating – growth potential. ShopKeep will continue working tirelessly to deliver small business owners with technology and digital tools to fuel their businesses and compete in today’s marketplace at all levels.”
ShopKeep plans to use the funding for its growth initiatives and to expand into additional business segments across a broad range of services and geography.
Some of the initiatives include expansion of the ShopKeep Capital service, which offers capital funding for ShopKeep’s customers. And the company will be extending the capabilities of its new Android-based platform.
“Small business owners are a vital part of the business community and ShopKeep provides a powerful cloud-based point of sale platform that serves as the de facto operating systems for its customers. ShopKeep’s software not only helps its customers run their day-to-day business but also can assist to optimize sales, profit, customer loyalty, and operations,” added Tribeca Venture Partners co-founder and managing partner Brian Hirsch. “We look forward to the future development of the ShopKeep business as it propels into its’ next stage of growth.”