NEW YORK, Dec. 5, 2012 /PRNewswire/ — ShopKeep POS, the simplest way to make smarter business decisions, announced today that it has successfully closed its Series B funding round of $10 million led by Canaan Partners. Tribeca Venture Partners and TTV Capital, who co-led the company’s $2.2 million Series A funding earlier this year, also participated in the round.
With the new funding, ShopKeep POS plans to expand the functionality of its iPad-based point of sale application for small businesses and sign new partnerships. Dan Ciporin, general partner at Canaan Partners, will join the ShopKeep POS Board of Directors.
“Over 3,000 small businesses have already adopted the cloud-based ShopKeep iPad app to facilitate transactions and manage inventory, and with this new round of funding, we will invest in product and business development to help small businesses improve their bottom line even further,” said Jason Richelson, founder and CEO of ShopKeep POS. “Canaan has decades of experience investing in financial technology and ecommerce, and will provide ShopKeep with the strategic insights we need to grow quickly and successfully.”
The funding comes at a time when small businesses are eager for change with regard to their POS system. A recent RIS News Custom Research study reports that 62% of businesses plan to upgrade their POS systems in the next two years. In addition, of those that plan to upgrade, 60% are looking for a mobile POS solution.
“Cloud-based mobile POS solutions for small businesses are the future, and Canaan recognized ShopKeep’s huge potential to become a standard for small businesses across the globe,” said Ciporin. “We invested in ShopKeep POS because they have an outstanding product, great customer traction, and a high quality team.”
ShopKeep POS has experienced an eight-fold growth in the company’s active user base this year, which now stands at over 3,000 brick and mortar merchants. The flexible, easy-to-use point-of-sale solution allows merchants to manage inventory, track customers, and facilitate transactions – all from an iPad. The subscription-based cloud service includes unlimited seven-days-a-week customer care by phone, email, and online chat, ensuring customers are always able to get the help they need, when they need it.
ShopKeep POS recently announced several key partnerships with mobile payment providers including LevelUp, Dwolla, and PayPal. The most recent version of the iPad POS app also includes updates such as employee time clocks and modifiers, positioning ShopKeep POS as a complete iPad POS solution for quick-serve businesses.