We are supported by readers, when you click & purchase through links on our site we earn affiliate commission. Learn more.

Shopmonkey raises $75M Sequence C to assist auto restore retailers streamline their enterprise

Strolling into an auto restore store can generally really feel like taking a step into the previous. The handwritten notes and receipts, the clunky point-of-sales system and scheduling instruments — if these are even there — could make clients really feel like they’re within the Nineteen Nineties, not the twenty first century.

Shopmonkey is making an attempt to vary that.

“It’s been an incredible trade to serve that I simply really feel like has trailed fashionable occasions and fashionable providers by an element of 5 to 10 years,” Shopmonkey CEO Ashot Iskandarian mentioned in a current interview with TechCrunch.

His firm presents a cloud-based store administration software program designed for the auto restore trade. Now, lower than a 12 months after saying a $25 million Sequence B, Shopmonkey has garnered one other contemporary spherical of capital. The corporate has raised a $75 million Sequence C led by earlier buyers Bessemer Enterprise Companions and Index Ventures, in addition to further participation from returning buyers Headline and I2BF, and new investor ICONIQ Development.

The financing can be used to develop Shopmonkey’s product, gross sales and advertising groups, and additional gasoline improvement of its platform.

Iskandarian seen that many automobile restore retailers have been victims to their very own processes: homeowners slowed down utilizing many various instruments and platforms to carry out duties like invoicing, scheduling and components ordering. Or else they’re utilizing a store administration system that’s downloaded on a single, native machine. “That’s the world that these retailers are coming from,” he mentioned.

Shopmonkey consolidates these totally different features right into a single cloud-based instrument, so it may be accessed on a number of computer systems, tablets or smartphones. The software program additionally helps the store talk with clients, by offering appointment reminders, confirmations and upsell presents.

Iskandarian based Shopmonkey in 2017. Since that point, its workforce has grown to greater than 125 individuals, and over 2,500 retailers use the software program. He mentioned that altering demographic tendencies amongst store homeowners and buyer stress has led an increasing number of auto restore retailers to search for a administration resolution.

Like many sectors, the auto restore trade took a success in the course of the coronavirus pandemic. But it surely’s bouncing again: in response to one report, it’s anticipated to get better and develop 7% this 12 months, as tens of millions of individuals get again on the highway or resolve to buy a used automobile. That’s excellent news for auto restore retailers – and for Shopmonkey, which sees alternative on this elevated demand.

COVID and different dynamics have positioned “huge tailwinds on the automotive aftermarket with used vehicles, used vehicles repairs, and simply that complete sector,” Iskandarian mentioned. “It’s a great time to be a founder and it’s a great time to be an auto repairer.”

Tips on how to make the maths work for at present’s sky-high startup valuations