Merchant Innovation

ShopKeep Keeps Momentum With $60M Funding Round

ShopKeep, which supports cloud-based technology and business solutions for independent merchants, announced yesterday (July 28) it secured $60 million in Series D funding.

ShopKeep, which supports cloud-based technology and business solutions for independent merchants, announced yesterday (July 28) it secured $60 million in Series D funding.

Not only does ShopKeep offer its users point-of-sale and payment technology, but it also provides a complete operating system, a customer marketing platform, inventory and staff management, back-end reporting and detailed analytics to its clients.

“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,” Norm Merritt, President and CEO of ShopKeep, said in a company release. “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.”

The company plans to use its new capital to fund the accelerated growth of its U.S. customer base, strengthen industry partnerships, and expand international operations. ShopKeep’s latest funding round was led by investor Activant Capital with support from existing investors, bringing the total funding raised to date to $97.2 million.

Activant Capital’s founder Steve Sarracino will also join ShopKeep’s board of directors as a result of this investment.

“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," Sarracino said. "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."

To check out what else is HOT in the world of payments, click here.

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