- Shopmonkey — a software company that serves the automotive industry — announced that it has raised $25 million in Series B funding led by Bessemer Venture Partners
Shopmonkey — a software company that serves the automotive industry — announced that it has raised $25 million in Series B funding led by Bessemer Venture Partners with participation from Index Ventures, e.ventures, and I2BF. This brings the capital raised to $35 million in only 11 months. Byron Deeter of Bessemer Venture Partners will be joining the company’s board of directors.
Shopmonkey is essentially a cloud-based system that simplifies the complexities of running an auto repair business onto a single platform, including appointment scheduling, parts ordering, customer communications, and payment processing. And the company helps shops run, understand and grow their business by equipping them with easy-to-use software that consolidates tools, saves time, and streamlines their entire operation while improving communication across the board.
The COVID-19 pandemic has been requiring all auto shops to modernize and innovate their workflow. And Shopmonkey has seen a huge surge in new subscribers eager to use its software to implement a contact-free workflow that includes online payments, digital vehicle inspections, and customer communications, thus enabling their shops to adapt and digitally transform their businesses with a simple solution.
Shopmonkey is now used by over 1,200 shops who utilize the platform to run their day-to-day operations by utilizing Shopmonkey’s wide array of integrated features designed to streamline and grow their business.
KEY QUOTES:
“Software-as-a-Service is rolling through and revitalizing industry verticals. We’re seeing Shopmonkey bring the power of the cloud to the auto repair industry, whose business owners are eager for digital innovation. Ashot Iskandarian is a dynamic founder who grew up surrounded by local repair shops and knows the industry from hands-on experience. His technical background and career working at companies like Intacct and Xactly helped him realize that building software could help an industry he’s been so passionate about throughout his life.”
— Byron Deeter of Bessemer Venture Partners
“When I started Shopmonkey I wanted to help shops modernize, run more smoothly and become more profitable with powerful, yet simple to use, software. 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 CEO and founder Ashot Iskandarian
