Tribeca Venture Partners, which led the company’s Series A round in 2011, led the financing. ShopKeep’s other major investors participated as well, and the firm added some new partners: First Data Corporation, which handles payment processing services, and Salesforce Ventures, a global corporate investment group.
The debt financing piece of the round was provided by ORIX Growth Capital and Square 1 Bank, which is a division of Pacific Western Bank.
“We are extremely fortunate to be backed by some of the top investors in both FinTech and [Software-as-a-Service (SaaS)]. With the latest investments from Salesforce Ventures and First Data, ShopKeep has firmly established its position as a leader in SaaS-based point-of-sale and payment platforms. With our recurring revenue almost tripling in the past three years, the small business community continues to show incredibly promising — and accelerating — growth potential,” said Michael DeSimone, CEO of ShopKeep. “ShopKeep will continue working tirelessly to deliver small business owners with technology and digital tools to fuel their businesses and compete in today’s marketplace at all levels.”
ShopKeep seeks to expand within its space as it moves toward its first profitable quarter, as well as continue to provide businesses with software that it calls intuitive and easy to use. With the new funding, ShopKeep plans to grow its recently launched ShopKeep Capital service, an initiative that gives capital funding to ShopKeep customers. It also wants to extend the capabilities of the company’s Android-based platform, and explore the possibilities of international markets.
“Small business owners are a vital part of the business community and ShopKeep provides a powerful, cloud-based point-of-sale platform that serves as the de facto operating systems for its customers. ShopKeep’s software not only helps its customers run their day-to-day business, but also can assist to optimize sales, profit, customer loyalty and operations ” said Tribeca Venture Partners Co-founder and Managing Partner Brian Hirsch. “We look forward to the future development of the ShopKeep business as it propels into its next stage of growth.”