Total amount raised
$110 Millions
Latest funding date
07/01/2021
Location
Shopmonkey has successfully raised funds through multiple rounds, with the most recent being a Series C round on July 15, 2021. The company has attracted 8 investors, including notable names like Bessemer Venture Partners and ICONIQ Growth.
Keep reading to explore the intricacies of Shopmonkey's fundraising journey and the investors backing this innovative platform.
What Is Shopmonkey?
Shopmonkey, founded in 2016 by Ashot Iskandarian and Travis Brown, is based in San Jose, California. The company provides a cloud-based software solution designed to streamline operations for auto repair shops. With a team of 101-250 employees, Shopmonkey offers features like job management, technician coordination, parts tracking, and customer communication tools.
How Much Funding Has Shopmonkey Raised?
- Series A
- Amount Raised: $10M
- Date: September 2019
- Lead Investors: Index Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial growth and development of the platform.
- Series B
- Amount Raised: $25M
- Date: August 2020
- Lead Investors: Bessemer Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further innovate and expand the company's operations.
- Series C
- Amount Raised: $75M
- Date: July 2021
- Lead Investors: Bessemer Venture Partners, Index Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To grow product, sales, and marketing teams, and to further develop the platform.
Total Amount Raised: $110M. Current Valuation: Not publicly disclosed.
Key Investors
- Bessemer Venture Partners
- Details: Bessemer Venture Partners is a leading venture capital firm that invests in early-stage companies across various sectors. They have a portfolio of 769 organizations with a total funding amount of $114.5B.
- Investment Focus Areas: Technology, healthcare, financial services, consumer sectors.
- Notable Investments: LinkedIn, Shopify, Pinterest.
- Index Ventures
- Details: Index Ventures is a global venture capital firm that invests in technology-enabled companies. They have been involved in multiple funding rounds for Shopmonkey.
- Investment Focus Areas: Technology, software, internet sectors.
- Notable Investments: Dropbox, Slack, Robinhood.
- Headline
- Details: Headline is a venture capital firm that invests in early-stage technology companies. They participated in Shopmonkey's Series C funding round.
- Investment Focus Areas: Technology, software, internet sectors.
- Notable Investments: Bumble, Sonos, Farfetch.
- I2BF
- Details: I2BF is a venture capital firm that focuses on technology and innovation-driven companies. They have been a returning investor in Shopmonkey.
- Investment Focus Areas: Technology, clean technology, innovation-driven sectors.
- Notable Investments: SpaceX, Uber, Palantir.
- Iconiq Growth
- Details: Iconiq Growth is a growth equity firm that invests in technology and software companies. They joined as a new investor in Shopmonkey's Series C round.
- Investment Focus Areas: Technology, software, internet sectors.
- Notable Investments: Snowflake, Uber, Zoom.
What's Next for Shopmonkey?
Shopmonkey stands at the cusp of significant growth, driven by the increasing adoption of cloud-based solutions in the auto repair industry. With a recent $75 million Series C funding, the company is well-positioned to expand its customer base and enhance its platform with new features. The auto repair industry, recovering from the pandemic, is expected to grow by 7% this year, presenting a substantial market opportunity.
Future fundraising opportunities seem promising, given the strong investor confidence demonstrated in the recent funding round. As Shopmonkey continues to innovate and grow, it may attract further investment to support its expansion. However, the company will need to navigate challenges such as competition from other software providers and the need to convince traditional shops to adopt modern solutions.
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