Shopmonkey Funding, Investors & Competitors

Shopmonkey has raised $110M across 3 funding rounds, most recently a $75M Series C in July 2021.

Last Shopmonkey funding round

$75M

Series C · Jul 2021

Cumulative funding Shopmonkey raised

$110M

across 3 funding rounds

Key investors in Shopmonkey

  • Index Ventures
  • Headline
  • I2BF Global Ventures
  • Bessemer Venture Partners
  • ICONIQ Capital
  • K5 Global
  • Connor Theilmann
  • Aurum Partners

Shopmonkey Overview

About Shopmonkey

Shopmonkey is a San Jose-headquartered management software provider founded in 2016 for auto repair shops. It centralizes invoicing, payments, and customer communications in one system, integrating with QuickBooks for seamless accounting. Features include text-based appointment reminders, digital inspections, and online payment collection, serving thousands of U.S. repair businesses.


Founded

2016

HQ

United StatesSan Jose, CA

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Shopmonkey Funding History

Shopmonkey has raised a total of $110M across 3 funding rounds.

Shopmonkey's first fundraising round was a $10M Series A in September 2019. The most recent completed round was a $75M Series C in July 2021.

Shopmonkey funding rounds

Shopmonkey funding rounds
DateStageInvestorsRaisedDeal Summary
Jul 2021Series CBessemer Venture Partners (lead); Index Ventures (lead); K5 Global; ICONIQ Capital; Aurum Partners; I2BF Global Ventures; Headline$75MShopmonkey is a cloud-based software platform serving the automotive repair industry, founded in 2017 by Ashot Iskandarian. The platform consolidates shop management functions including appointment scheduling, parts ordering, customer communications, digital estimates, invoicing, and payment processing onto a single integrated system. On July 15, 2021, Shopmonkey raised $75 million in Series C funding led by returning investors Bessemer Venture Partners and Index Ventures, with participation from Headline, I2BF Global Ventures, ICONIQ Growth, and K5 Global Technology. The post-money valuation for this round was not disclosed publicly. At the time of the Series C, Shopmonkey had grown to serve over 2,500 shops across the United States and Canada with a workforce exceeding 125 people. The company generates revenue through two primary streams: SaaS subscriptions (starting at $200-400 monthly for independent shops) and payment processing fees at 2.5-2.9% on transactions. Third-party analysts estimated Shopmonkey's ARR at approximately $29-45 million in 2022-2023 based on market assumptions, though the company has never publicly disclosed its actual revenue metrics. The financing was intended to fuel growth in product development, sales, and marketing teams as the auto repair industry experienced increased demand during the post-pandemic recovery period.
Aug 2020Series BBessemer Venture Partners (lead); Index Ventures; I2BF Global Ventures; Headline$25MShopmonkey is a San Jose, California-based SaaS company providing a cloud-based platform that simplifies operations for auto repair businesses, including appointment scheduling, parts ordering, customer communications, and payment processing. The platform enables shops to streamline workflows, implement contact-free processes like online payments and digital inspections, and improve efficiency amid the COVID-19 pandemic. Founded in 2016 by Ashot Iskandarian, who has personal experience in the auto repair industry and prior roles at Intacct and Xactly, Shopmonkey serves small, medium, and franchise customers across the U.S. and Canada. On August 27, 2020, Shopmonkey raised $25 million in a Series B round led by Bessemer Venture Partners, with participation from Index Ventures, Headline (formerly e.ventures), and I2BF Global Ventures. This brought total funding to $35 million in just 11 months since inception. Byron Deeter from Bessemer joined the board; he is a prominent SaaS investor known for the Cloud 100 list and investments in companies like those behind the BVP Nasdaq Emerging Cloud Index. The funds were allocated to product development, team expansion, and supporting customer growth during increased demand for digital tools in auto shops. At the time of the round, Shopmonkey had over 1,200 customers, reflecting rapid adoption as shops modernized operations. Bessemer highlighted Shopmonkey's role in revitalizing the $800 billion independent automotive repair industry through vertical SaaS, positioning it as a leader in bringing cloud innovation to an underserved sector. Subsequent developments included a $75 million Series C in July 2021 led by Bessemer and Index, with ICONIQ Growth joining, bringing total raised to $110 million. This supported further product innovation, sales, marketing, and platform growth as auto shops adapted post-pandemic.
Sep 2019Series AIndex Ventures (lead); Connor Theilmann; I2BF Global Ventures; Headline$10MShopmonkey raised $10 million in Series A funding on September 24, 2019, led by Index Ventures with participation from e.ventures and I2BF Global Ventures. Nina Achadjian from Index Ventures joined the board. The funding supports recruiting local talent and investing in product development. Shopmonkey provides software and payments solutions for auto repair, detail, and quick lube shops to streamline business management including quoting, invoicing, scheduling, texting, and payments processing.

Who has invested in Shopmonkey?

8 investors have backed Shopmonkey across its funding rounds, including Index Ventures, Headline, I2BF Global Ventures, Bessemer Venture Partners, ICONIQ Capital and K5 Global.

Lead investors include Bessemer Venture Partners and Index Ventures.


Shopmonkey Investors

Investors in Shopmonkey by funding rounds participated
InvestorHQRoundsRoleFirst check
Index VenturesUnited KingdomLondon3LeadSep 2019
I2BF Global VenturesUnited StatesNew York City, NY3ParticipantSep 2019
HeadlineUnited StatesSan Francisco, CA3ParticipantSep 2019
Bessemer Venture PartnersUnited StatesSan Francisco, CA2LeadAug 2020
K5 GlobalUnited StatesSan Francisco, CA1ParticipantJul 2021
ICONIQ CapitalUnited StatesSan Francisco, CA1ParticipantJul 2021

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Shopmonkey Competitors

Shopmonkey competitors include listed companies like Constellation Software, Dassault Systemes and Topicus, and private ones like Applied Intuition, Zongmu and Hong Jing Drive.

Public and private companies comparable to Shopmonkey
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Constellation SoftwareCanadaCanadaPublicly listed$12B$2.5B$43B3.5x
Dassault SystemesFranceFrancePublicly listed$7.2B$2.2B$32B4.0x
Applied IntuitionUnited StatesSan Francisco, CAPrivate$415M-$15B36.1x
ZongmuChinaShanghaiPrivate--$11B-
TopicusNetherlandsNetherlandsPublicly listed$1.8B$393M$5.4B3.0x
Hong Jing DriveChinaHangzhouPrivate--$4.3B-

Shopmonkey Public Comps

Shopmonkey is still privately-owned, but its public comps include Autodesk, Constellation Software, Dassault Systemes, Mobility Global, Topicus, ThunderSoft, WeRide, Pateo Connect Tech, KPIT Technologies and Zwsoft.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Autodesk$7.2B$1.8B6.3x5.7x25.6x14.1x
Constellation Software$12B$2.5B4.0x3.5x18.5x12.9x
Dassault Systemes$7.2B$2.2B4.0x4.0x13.2x11.2x
Mobility Global$1.8B$637M4.7x-12.9x-
Topicus$1.8B$393M3.4x3.0x15.3x10.6x
ThunderSoft$1.2B$151M3.0x2.6x23.1x20.2x
WeRide$102M($257M)11.4x8.3x(4.5x)(5.0x)
Pateo Connect Tech$523M($143M)3.8x2.6x(14.0x)(27.9x)

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Common questions about Shopmonkey

When was Shopmonkey founded?Shopmonkey was founded in 2016.
Where is Shopmonkey headquartered?Shopmonkey is headquartered in San Jose, CA, United States.
Is Shopmonkey publicly listed?No, Shopmonkey is a private, VC-backed company.
How much funding has Shopmonkey raised?Shopmonkey has raised $110M across 3 funding rounds.
What was Shopmonkey's last funding round?Shopmonkey's last funding round was a $75M Series C in July 2021, led by Bessemer Venture Partners and Index Ventures.
Who are Shopmonkey's investors?Shopmonkey's investors include Index Ventures, I2BF Global Ventures, Headline, Bessemer Venture Partners, K5 Global, ICONIQ Capital, Connor Theilmann and Aurum Partners.
Which companies are comparable to Shopmonkey?Companies comparable to Shopmonkey include Constellation Software, Dassault Systemes, Applied Intuition, Zongmu, Topicus and Hong Jing Drive.

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