Shopmonkey Raises $35 Million to Expand
Automotive software company Shopmonkey Inc. has raised $35 million in capital in 11 months, including the most recent $25 million led by Bessemer Venture Partners.
The investor partners of the first $10 million include Index Ventures, e.ventures and I2BF.
Shopmonkey is based in San Jose, Calif., and was founded in 2016 by Ashot Iskandarian. The company has grown to serve 1,200 automotive businesses to run their day-to-day operations.
“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 Iskandarian, who serves as CEO. “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 is a cloud-based system that simplifies all the complexities of running an auto repair business onto a single platform, including appointment scheduling, parts ordering, customer communications, and payment processing. The company says its software helps shops run, understand and grow their business by equipping them with easy-to-use software that consolidates tools, saves time, and streamlines their operation while improving communication.
The COVID-19 pandemic requires all auto shops to modernize and innovate their workflow. Shopmonkey has seen a 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 — enabling their shops to adapt and digitally transform their businesses with a smart, simple solution.
As auto shop owner and Shopmonkey client Jesse Whitsell puts it, "All of the tools of Shopmonkey allow us to run the business with minimal to no [physical] contact with customers.”
As a result of the $25 million raised, Byron Deeter from Bessemer Venture Partners will join Shopmonkey’s board of directors.
“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,” says Deeter. “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.”