— iPad-Based Point of Sale System and Business Management Solution for Small Businesses Sets Sights on Explosive Growth —
NEW YORK–(BUSINESS WIRE)–July 28, 2015–
ShopKeep, the cloud-based technology and business management solution used by more than 18,000 independent merchants, today announced $60 million in Series D funding. Led by investor Activant Capital with support from existing investors, ShopKeep plans to use this injection of capital to aggressively grow its overall US customer base, strengthen industry partnerships, and launch international operations, starting with the UK this month. Steve Sarracino, founder of Activant Capital, will be joining ShopKeep’s board of directors as a result of this investment. Founded by a successful small business owner, ShopKeep has raised $97.2M in funding to date.
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Norm Merritt, President and CEO of ShopKeep, and Jason Richelson, ShopKeep founder & CSO (Photo: Business Wire)
This funding round will further solidify ShopKeep’s leadership position not only as the go-to point-of-sale and payment technology provider for independent businesses, but also as a comprehensive operating system, a platform offering customer marketing, inventory and staff management, back-end reporting and detailed analytics. This funding comes at a pivotal time, particularly as the payments community prepares for the EMV liability shift this fall.
In 2015, the company has already experienced substantial growth, including:
- the strategic acquisition of Payment Revolution and subsequent launch of ShopKeep Payments, a customizable, contract-free payment solution for merchants seeking one centralized system;
- 2.4X YoY growth (monthly recurring revenue) through June 2015;
- and more than $6bn in transactions processed through ShopKeep’s network in the past year.
“This is a crucial time for the mobile payments and small business technology sectors – both are evolving at a rapid pace and competition amongst the major players is heating up. ShopKeep is at the forefront of this evolution and is offering the most comprehensive and forward thinking solution for growing businesses, combined with unmatched customer care,” said Steve Sarracino, Founder of Activant Capital. “We see tremendous opportunity for the company to build on its existing success as the operating system for small business and retail, and rise above the noise to cement its position as the industry leader in this space.”
“ShopKeep has always provided a one-stop-shop for merchants, offering cutting edge technology and 24/7 customer service. We now play the role of an IT department to small business owners, democratizing invaluable business management tools previously only accessible to the big box retailers,” remarked Norm Merritt, President and CEO of ShopKeep. “Ultimately this means merchants are able to run their businesses more effectively. With this new funding we are looking forward to bringing these benefits to a far greater number of small business owners, and empowering them to run a smarter business.”
Everything ShopKeep does supports growing and independent businesses. Founded by a successful business owner, ShopKeep provides an intuitive, secure, iPad-based point-of-sale system and empowers merchants to run smarter businesses by optimizing staffing, regulating inventory and accessing sales reports and customer information on one seamless, cloud-based platform. With more than 18,000 customers, ShopKeep’s award-winning customer care team is available to help 24/7 and provide a robust support network for growing business owners. ShopKeep was founded in 2008 and is headquartered in New York, with offices in Portland, Chicago, Washington, D.C., Belfast and London. Follow @ShopKeep on Twitter, join the discussion on the ShopKeep blog or visit www.shopkeep.com to learn more.
About Activant Capital
Activant Capital is a private equity and venture capital firm investing in technology, software, and data-services companies. Activant’s mission is to work with world-class executives to build growing, market leading technology businesses. For more information on Activant and all of its investments, visit www.activantcapital.com.
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Ayesha Herian, 646-762-8790