A $75 million Series C round of funding was secured by Shopmonkey, a SaaS provider to the automobile sector. Bessemer Venture Partners and Index Ventures, who had previously invested, took the lead in this round of fundraising, which also featured Headline, I2BF, and new investor ICONIQ Growth.
With this financing, Shopmonkey will be able to broaden and develop and offer the vehicle repair sector top-notch service at a time of rising demand as drivers go back on the road following the outbreak.
Both routine maintenance and unplanned repairs are in great demand due to the increase in road trips and the projected $1.3 trillion used automobile market by 2027. As a rising number of drivers strive to maintain both old and new vehicles safe on the road, says Byron Deeter, partner at Bessemer Venture Partners. Thus, auto shops can set themselves up for long success by simplifying their capabilities, and we are certain that Shopmonkey has the answer to help them accomplish this most effectively.
Shopmonkey has been committed to fostering the success of every store from the beginning. We are making up for the historically significant technological under-servicing of the car sector. By providing them with the resources they need to become more organized, effective, and successful, we want to work with our clients to help them meet and surpass their goals, said Ashot Iskandarian, the founder and CEO of Shopmonkey.
With the help of this round of investment, we will be able to invest three times as much in our staff and product to keep giving auto shops the resources they need to grow and prosper.
Early on, Index Ventures partner Nina Achadjian saw the potential of Shopmonkey in the sector. It was instantly apparent when I first met Ashot in 2018 that he had discovered a rare chance to use software to revolutionize the car repair business. Many of these dedicated company owners were searching for an all-in-one solution like Shopmonkey that was tailored to their requirements and workflows. Will Griffith, founding partner of ICONIQ Growth, stated that Shopmonkey’s innovative cloud-based tools enable auto repair businesses to gain major operational advantages that ultimately make the experience better for shops and consumers alike. We are happy to work with the Shopmonkey team to further accelerate their aspirations, and we are enthralled to support the company’s steadfast emphasis on its customers’ continued success.
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