Hatched in the Back of Brooklyn Wine Shop, ShopKeep POS Aims to Become the First Billion Dollar SaaS Company in NYC
NEW YORK – April 24, 2014 – ShopKeep POS, the company replacing cash registers with iPads and the cloud, today announced an additional $25 Million in Series C funding to help more brick-and-mortar small businesses ditch their cash registers. Financial services experts Thayer Street Partners led the financing with the existing investors Canaan Partners, Tribeca Venture Partners, TTV Capital and Contour Venture Partners participating. Tom Glocer, former CEO of Thomson Reuters and Thayer Street advisory board member and Matt Coffin, founder of LowerMyBills and frequent Thayer Street collaborator also participated.
The new funding comes after a third consecutive year of tripled growth, overseas expansion and key product releases. In 2013, ShopKeep once again tripled revenue and storefronts, and now powers over 10,000 small businesses located across the U.S. and Canada. Today, ShopKeep manages more than $1.8 billion in payment processing annually.
Furthermore, ShopKeep recently opened its first international location in Belfast, Northern Ireland, and has already hired 14 local employees to spearhead expansion into Europe. The company employs more than 100 people and will soon open a West Coast location to complement its 15,000 square foot headquarters in SoHo, New York.
In January 2014, the company launched ShopKeep Mobile, the first handheld mobile POS system for small businesses. ShopKeep Mobile is designed for the iPod touch and supports a 2D barcode scanner and encrypted credit card reader to accept payments. Last week, ShopKeep also released a complete UI redesign to optimize the iPad POS app for iOS 7.
The newest investor, Thayer Street Partners, is a New York-based private investment firm that provides growth equity and structured finance to companies at the intersection of technology and finance.
“Jason and the ShopKeep team have done an incredible job building a company that is revolutionizing the way small businesses use cloud–based technology to run and scale their businesses,” said Josh Koplewicz, founder of Thayer Street Partners. “We are very excited to partner with ShopKeep and help the company accelerate its mission.”
ShopKeep was founded in 2008 by former wine and grocery store owner, Jason Richelson, in the back room of his wine shop in Fort Greene, Brooklyn. The new funding, expansion and product updates will further ShopKeep’s mission: to help small businesses run more efficiently and be more profitable.
“I started ShopKeep because I was fed-up with the software available to me in my wine store, and I knew there had to be a better way,” said Richelson. “Partnering with Thayer Street is a significant step in our evolution as a company given their deep experience in tech-enabled financials and long-term investment approach. We’re aiming to be the first billion dollar software-as-a-service company to come out of New York.”
ShopKeep raised $12.2 million in two funding rounds in 2011 and 2012 from Tribeca Venture Partners, TTV Capital, Contour Venture Partners and Canaan Partners. In total, the company has raised $37.2 million.
“All credit goes to the amazing team we have built,” added Richelson. “Our culture is incredibly important to us as we grow, and I’m proud to say we have a brilliant team that work hard every day to wow our customers and help them succeed.”
In 2014, ShopKeep was named Customer Service Department of the Year at the Stevie Awards for Sales and Customer Service. Last year, ShopKeep was named to the Red Herring Top 100 list of the leading private companies in the U.S. and Canada.
About ShopKeep® POS:
ShopKeep POS exists to make running a small business better. Founded and designed by a retailer, we provide cloud-based point of sale software for managing retail shops and restaurants. ShopKeep allows business owners nationwide to set-up their registers in minutes, accept cash and credit cards with their choice of processor, view real-time sales on their smartphone and easily track inventory and staff. Most importantly, our award-winning customer care team is available to help seven-days-a-week. Everything we do is about supporting small businesses. Visit www.shopkeep.com to learn more or follow @ShopKeep for updates.