The funding will help Shopmonkey grow its product, sales, and marketing teams. Here are the top-line bullets you need to know.
Shopmonkey, a shop management platform for auto repair shops, has raised $75M in a Series C. The round drew participation from Bessemer Venture Partners, Headline, Index Ventures, and ICONIQ Growth, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Shopmonkey is a cloud-enabled automotive shop management software for auto repair shops that integrates appointment scheduling, parts ordering, customer communications, and payment processing in one platform.
- The company reportedly caters to 2,500 shops across the US and Canada.
- The company currently employs more than 125 people.
WHY DOES THE MARKET MATTER?
- The global market for automotive repair software is projected to grow at a CAGR of 10.3% to reach a value of $3.37B by 2030, according to Prescient & Strategic Intelligence.
- With the increase in the number of vehicles, there has been a rise in the demand for repair services. The use of management software has accelerated operating processes and has helped repair shops save time and enhance communication. This has, in turn, led to a growing dependency on these technologies and fueled the market’s growth.