Shopmonkey Raises a $25 Million Series B Led by Bessemer Venture Partners

By Ashot Iskandarian on August 27th, 2020 in Announcements
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Shopmonkey is ecstatic to announce a $25 million Series B investment led by Bessemer Venture Partners. To date, Shopmonkey has raised $35 million from investors in just 11 months. Our other investor partners include Index Ventures, Headline (formerly e.ventures), and I2BF.

As Shopmonkey continues to grow, we are committed to using the funds to further develop the product to better serve our small, medium, and franchise customers. We also plan to continue building out the talented team required to support our product and our customers.

Welcome Byron Deeter to Our Board of Directors

As part of this investment, we are excited to welcome Byron Deeter at Bessemer Venture Partners to the Shopmonkey Board of Directors, who is a leading investor in SaaS and Cloud. Deeter co-authors Bessemer’s iconic 10 Laws of Cloud Computing and the annual State of the Cloud Report. He created The Cloud 100, the definitive ranking of the top 100 private cloud companies, and The BVP Nasdaq Emerging Cloud Index and works closely with many of the best founders in the cloud world. To date, nineteen of Byron’s investments are valued above $1 billion, including ten IPOs and counting.

“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. 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.” 

- Byron Deeter, Partner, Bessemer Venture Partners

To All of Our Customers — Thank You.

You are the fuel that drives us forward. We appreciate your continuous feedback and all of the ways that you cheer us on. Our dedication and loyalty to you is steadfast. We deeply care about the automotive industry, and we promise to keep your needs center stage as we continue to build our software. We have exciting things planned at Shopmonkey, and we are thrilled that you are on this journey with us. 

Let’s go!

Resources

View our latest Series C funding.  

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