- Shopmonkey, a leading auto repair shop software company, announced recently that it raised $10 million in Series A funding
Shopmonkey — a leading auto repair shop software company — recently announced that it raised $10 million in Series A funding led by Index Ventures. With this round of funding, Shopmonkey plans to use the funding to recruit local talent and invest in product development. e.ventures and I2BF also joined the round. In conjunction with this funding round, Nina Achadjian at Index Ventures will join Shopmonkey’s board of directors.
How does Shopmonkey work? Shopmonkey is a cloud-based management system that consolidates the management of all the complexities of running an auto repair business ranging from appointment scheduling to parts ordering to managing inventory to processing payments on a single platform. And the company helps repair shop consolidate tools, save time, and streamline their operations by equipping them with easy-to-use software to run, understand, and grow their businesses.
“We created Shopmonkey to empower every shop to thrive,” added Ashot Iskandarian, founder and CEO of Shopmonkey. “The experience for both auto repair shops and customers has been so poor for so many decades, we’re incredibly humbled to be able to have a transformative impact on so many people and businesses. This funding enables us to continue to bring new, local talent on board and keep investing in a better product and customer experience.”
The U.S. is considered the second largest passenger vehicle market with more than 260 million registered passenger vehicles. And the global car repair market is estimated to be worth more than $500 billion. However, the industry has remained stagnant for the past few decades thus resulting in a clunky and frustrating customer experience. And Shopmonkey aims to change the status quo and enable auto shops to become more efficient and customers to have a more delightful experience.
“Ashot has been able to build a compelling customer-centric business in a big market, while at the same time, ensuring the livelihood of mom and pops shops everywhere,” added Nina Achadjian at Index Ventures. “I am excited to be joining this special team and work together on transforming this massive industry.”
