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ShopKeep’s Point of Sale Software Raises $25M

The software vendor manages point of sale transactions for over 10,000 stores.

ShopKeep has been able to finance $25 million, and the company plans to expand the business in New York City, according to TechCrunch.

“I’m really happy to have been able to start this business in New York City,” founder Jason Richelson told TechCrunch. “There are no billion dollar software as a service businesses that have been born in NYC. That’s our goal.”

The company started six years ago when Jason Richelson was frustration with finding a good point of sales software to run his expanding wine shops and high-end grocery stores.

“We used the city’s resources to get started, and after building a prototype in my wine store we moved to a city-sponsored co-working space called The Hive to get on our feet,” Richelson told TechCrunch.

Shopkeep was backed by receipts from the wine businesses and grocery stores, then the company was able to raise $2.2 million in seed money from Tribeca Venture Partners, TTV Capital, and Contour Venture Partners. In 2012, the company received a $10 million Series led by Canaan Partners.

“What we’ve done with ShopKeep is we’ve moved all of your data into the cloud and in the cloud you have the ability to do a whole bunch of data analytics,” Richelson told TechCrunch. “An example of what we’re doing there is very simply our dashboard app. Now in the palm of your hand you can see how much you’ve rung up in sales, and how much is in your cash drawer. Storeowners understand in real time how their business is running.”

ShopKeep will charge $49 per month for each register that uses the software. The company also sells equipment that can be used at a small business.

“We see it as a service,” says Richelson. “We just sell it to our customers and deliver it and help them set it up remotely.”

 

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