Shopmonkey raises $25 million Series B to help surge of auto shops looking to modernize
Shopmonkey, a San Jose, California-based software company serving the automotive industry, has raised $25 million in its Series B led by Bessemer Venture Partners with participation from Index Ventures, e.ventures and I2BF—bringing the total capital raised 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 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 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 requires all auto shops to modernize and innovate their workflow. 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—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.”
“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,” explains 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.”
“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, Ashot Iskandarian. “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.”
