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ShopKeep POS raises $25mn from Thayer Street Partners
25
Apr '14
ShopKeep POS, the company replacing cash registers with iPads and the cloud, 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.”


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