At a Glance
Shopmonkey has raised $75M in a Series C investment led by Bessemer Venture Partners and Index Ventures. The funds will continue to expand and grow while also delivering top-notch service to the auto repair industry with additional finances.
Shopmonkey, a process management software provider for auto repair shops, raises $75 million in a Series C funding round led by Bessemer Venture Partners and Index Ventures. Other participants include Headline, I2BF, and ICONIQ Growth.
The new funds will allow Shopmonkey to continue to develop and grow while also providing top-notch service to the car repair sector at a time when demand is expected to surge as drivers return to the road following the pandemic.
Shopmonkey is a cloud-based system that unifies the complexity of running a car repair shop into a single platform, including appointment scheduling, parts ordering, client contact, and payment processing. Thousands of stores in the United States and Canada now rely on Shopmonkey to help them simplify and expand their businesses by leveraging Shopmonkey’s numerous integrated features and contemporary solutions to run their day-to-day operations.
“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. 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.”Ashot Iskandarian, Shopmonkey CEO and founder
He added, “Nothing drives our team more than being able to celebrate the successes of each and every customer. This round of funding will allow us to triple down on our product and our team to continue to provide auto shops with the tools they deserve to scale and succeed.”
“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.”Byron Deeter, a partner at Bessemer Venture Partners
“When I first met Ashot in 2018, it was immediately clear he had identified a unique opportunity to transform the auto repair market using the software. Many of these hard-working business owners were looking for an end-to-end solution that was built specifically for their needs and workflows, like Shopmonkey.”Nina Achadjian, a partner at Index Ventures
“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. 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.”Will Griffith, a founding partner of ICONIQ Growth