Shopmonkey, a SaaS company serving the automotive industry, has raised $75 million in Series C funding. This funding will help Shopmonkey further innovate and grow, while continuing to provide service to the auto repair industry at a time of increased demand as drivers return to the road post-pandemic, the company said.
"Since day one, Shopmonkey has been focused on helping every shop thrive. Historically, the automotive industry has been severely underserved in the area of technology, and we are changing that," said Ashot Iskandarian, Shopmonkey CEO and founder. "We want to partner with our customers to help them achieve and exceed their goals by giving them the tools they need to become more organized, efficient and profitable."
Auto shops are experiencing one of their busiest summers on record. As pandemic restrictions loosen, more and more drivers are excited to get out of the house and hit the road. With road trips on the rise, and used car sales on a trajectory to hit $1.3 trillion by 2027, both regularly scheduled maintenance and unexpected repairs are in high demand.
"As an increasing number of drivers seek to keep both used and new cars safely on the road, auto shops are in a unique position to set themselves up for long-term success by streamlining their services, and we are confident that Shopmonkey is the solution to help them do this most effectively," said Byron Deeter, partner at Bessemer Venture Partners, one of the investing companies.
This round of funding was led by previous investors Bessemer Venture Partners and Index Ventures, with participation once again from Headline and I2BF, plus new investor ICONIQ Growth.
"Shopmonkey's unique cloud-based products enable auto repair shops to realize significant operational improvements that ultimately make the experience better for shops and consumers alike," said Will Griffith, founding partner of ICONIQ Growth. "We are excited to support the company's unwavering focus on its customers' sustained success, and we are thrilled to partner with the Shopmonkey team to further accelerate their ambitions."
For more information about Shopmonkey, visit www.shopmonkey.com.
