Shopmonkey

Founded in 2017, the American company Shopmonkey is developing software for managing car shops. Since 2017, the company's staff has grown to more than 125 people, more than 2,500 car services use Shopmonkey software (by July 2021).

History

2021: Attracting $75 million investment

In mid-July 2021, the developer of cloud software for auto repair services Shopmonkey raised $75 million as part of the investment round of Series C. The round was led by existing investors Bessemer Venture Partners and Index Ventures, and Headline, a fund with Russian roots I2Bf Global Growth, also invested in Shopmonkey.

Ashot Iskandaryan, CEO of Shopmonkey, noted that the financing will be used to develop products, sales, support the Shopmonkey marketing team, as well as to further develop the platform.

Fund with Russian roots invested in Shopmonkey auto repair service

Iskandaryan notes that many car shops have become victims of their own processes: owners are tied in using many different tools and platforms to perform tasks such as billing, planning and ordering spare parts. Or they use a management system installed on one local computer.

Shopmonkey provides access to a single cloud tool that allows you to perform various functions necessary to maintain the operation of the car workshop. You can access the platform from several computers, tablets or smartphones. The Shopmonkey software also helps the store communicate with customers by providing appointment reminders, order confirmations, and offers to expand sales.

Ashot Iskandaryan notes that the restrictions associated with the COVID-19 coronavirus along with changes in demographic trends among car service owners, as well as pressure from buyers, are prompting more and more automotive companies to look for solutions for effective process management.^[1]

Notes