Shopmonkey Leaps for $10 Million Series A

SAN JOSE — Shopmonkey, an auto-repair shop software company, has raised $10 million Series A funding led by Index Ventures. The company plans to use the funding to recruit local talent and invest in product development. Other participating investors include e.ventures and I2BF. Nina Achadjian at Index Ventures will join Shopmonkey’s board of directors.

Shopmonkey is a cloud-based management system that consolidates the management of all the complexities of running an auto repair business — from appointment scheduling to parts ordering to managing inventory, and processing payments — onto a single platform. The company helps repair shops consolidate tools, save time, and streamline their entire operation by equipping them with simple, easy-to-use software to run, understand and grow their business.

The US is the second largest passenger vehicle market with more than 260 million registered passenger vehicles. It’s no surprise that the global car repair market is estimated to be worth more than $500B. Yet in terms of technology innovation, this industry has remained stagnant for the past few decades, resulting in a clunky and frustrating customer experience. Shopmonkey aims to change the status quo and enable auto shops to become more efficient and customers to have a more delightful experience.

“We created Shopmonkey to empower every shop to thrive,” said Ashot Iskandarian, founder and CEO of Shopmonkey. “The experience for both auto repair shops and customers has been so poor for so many decades, we’re incredibly humbled to be able to have a transformative impact on so many people and businesses. This funding enables us to continue to bring new, local talent on board and keep investing in a better product and customer experience.”

“Ashot has been able to build a compelling customer-centric business in a big market, while at the same time, ensuring the livelihood of mom and pops shops everywhere,” said Nina Achadjian at Index Ventures. “I am excited to be joining this special team and work together on transforming this massive industry.”