Shopmonkey Announces $75 Million Series C Funding to Help Auto Shops Meet Increased Demand for Repair Services
Shopmonkey, a SaaS company serving the automotive industry, has raised a $75 million Series C. This round of funding was led by previous investors Bessemer Venture Partners and Index Ventures, with participation once again from Headline and I2BF, plus new investor ICONIQ Growth. This funding will empower Shopmonkey to further innovate and grow, while continuing to provide top-quality service to the auto repair industry at a time of increased demand as drivers return to the road post-pandemic.
Auto shops are experiencing one of their busiest summers on record. As pandemic restrictions loosen, more and more drivers are excited to get out of the house and hit the road. With road trips on the rise, and used car sales on a trajectory to hit $1.3 trillion by 2027*, both regularly scheduled maintenance and unexpected repairs are in high demand. “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,” says Byron Deeter, partner at Bessemer Venture Partners.
“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,” said Ashot Iskandarian, Shopmonkey CEO and founder. “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.”
Nina Achadjian, partner at Index Ventures, recognized Shopmonkey’s value to the industry early on, “When I first met Ashot in 2018, it was immediately clear he had identified a unique opportunity to transform the auto repair market using 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.”
“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,” said Will Griffith, founding partner of ICONIQ Growth. “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.”