ShopKeep closes $65m for small business financing leap
In its largest round of funding yet, point of sale (POS) technology company ShopKeep closed on $65 million in combined debt and equity funding, bringing its total funding to just over $72 million, reports Julie Muhn at Finovate.
The investment was led by Tribeca Venture Partners and included all of the New York-based company’s major existing investors.
New contributors include First Data Corporation and Salesforce Ventures.
The debt portion of the round comes from ORIX Growth Capital and Square 1 Bank.
Founded in 2008, ShopKeep offers iPad-based POS software for retail, restaurants, and franchises.
Not only does the technology process transactions and payments, it also offers inventory tracking, staff management, marketing capabilities, and provides reporting and analytics tools.
The company will use the funds to boost its Android-based platform, which it launched in May of this year; expand ShopKeep Capital, an initiative that provides working capital to ShopKeep customers; and explore international markets.
ShopKeep CEO Michael DeSimone says: “With our recurring revenue almost tripling in the past three years, the small business community continues to show incredibly promising – and accelerating – growth potential.”
The company is headquartered in New York City, with offices in Oregon, Illinois, and Belfast.
It processes more than 289 million transactions for 25,000 merchant clients across the US.